Silver is testing a major resistance zone near $66-$67 after rebounding from its July lows, with both daily and weekly charts showing improving momentum but no confirmed breakout yet. A sustained move above this area could strengthen the bullish case toward $70-$72, while another rejection would keep the broader correction intact.
Silver Tests Major Downtrend Resistance Near $66
Silver is pressing into a technically important resistance area after rebounding sharply from its July lows. The daily chart shows XAG/USD near $65.84, where a rising short-term channel is colliding with the upper boundary of a much broader descending structure.
Silver Daily Downtrend Resistance. Source: DeepValue Signals (@DVSignals) on X
The larger structure remains defined by the purple descending channel that has guided silver lower since its early-2026 peak. Price has now recovered into the channel’s upper boundary around the $66-$67 area, making this a key decision zone rather than a clean breakout.
At the same time, silver has been advancing inside the orange rising channel that began near the July low. That recovery has produced a sequence of higher lows, showing improving short-term demand even while the broader downtrend remains intact.
A sustained daily close above roughly $66-$67 would be the strongest bullish signal on the chart. Such a move would break the descending resistance line and could open the way toward the $70-$72 region, which also fits the broader institutional outlook discussed earlier.
Momentum is constructive but not decisive. The MACD remains above its signal line and in positive territory, supporting the recovery. However, the histogram appears relatively modest near current levels, so buyers still need a stronger price breakout to confirm that momentum is accelerating.
On the downside, the lower boundary of the rising orange channel provides the first important support, roughly in the $62-$63 area. Losing that structure would weaken the immediate bullish case and increase the risk of a move back toward the upper-$50s.
The practical takeaway is that silver is sitting at a major technical crossroads. A confirmed break above $66-$67 would strengthen the bullish case toward $70 and potentially $72, while rejection from the descending trendline would keep the broader correction in place.
Silver Faces Weekly Trendline Test as Momentum Starts to Improve
Silver’s weekly chart reinforces the $66-$67 area as a major technical barrier, with price recently pushing through a descending trendline before failing to hold the move. The rejection shows that buyers are challenging the broader downtrend, but they have not yet confirmed a durable breakout.
Silver Weekly Downtrend Resistance. Source: Andy Heilman, CFA (@imapedestrian) on X
Silver was trading near $65.65 on the chart after rebounding strongly from its July lows. The larger structure remains capped by a descending trendline drawn from the early-2026 peak, and the latest weekly candle is pressing directly into that resistance.
Heilman noted that silver briefly breached the trendline before being rejected. In practical terms, that makes the next sustained weekly close above the line more important than an intraday move through it. A confirmed breakout would suggest that the long correction from the record high is losing control.
Momentum indicators are also beginning to improve. The weekly MACD histogram remains below zero but has been contracting toward the center line, pointing to fading downside momentum. The stochastic oscillator has also turned higher from deeply depressed levels, adding evidence that buyers are attempting to regain control.
The chart still leaves room for caution. If silver fails again around the mid-$60s, the broader descending structure remains intact, and price could retreat toward the lower support region. The shaded zone on the chart highlights a wider base roughly around the upper-$40s to mid-$50s, while more immediate support sits above that area.
Combined with the first chart, the technical message is consistent: silver is testing a major breakout zone near $66-$67. A sustained move above that area would strengthen the case for a run toward $70-$72, while another rejection would keep the recovery vulnerable to a deeper pullback.
