Will Silver’s Price Action be a Bucking Bronco?

It took silver 45 years and 9 months to eclipse the 1980 high of $50.36 per ounce. I concluded a June 4, 2026, Barchart article that asked if silver was preparing for a big move with the following:

Silver’s high historical volatility creates trading opportunities. Buying price weakness with a clear risk-reward plan, and taking profits on rallies, is likely optimal in the current environment. While investing in silver since 2020 has created substantial profits, trading over the coming months could yield significant returns. 

Silver could be preparing for a big price move, but bullish and bearish factors make picking a direction challenging in June 2026. 

Nearby COMEX silver futures were trading at $73.935 per ounce on June 3. While the price has probed below $60, silver remains above its critical technical support at the 1980 high. 

A bearish trend since the January 2026 high

COMEX silver futures have been in a bearish trend since January 29, 2026, when they reached the highest price in history.

The daily continuous year-to-date COMEX silver futures chart shows a pattern of lower highs and lower lows, culminating in a new 2026 low in late June 2026. After trading above $120 per ounce in January, silver had more than halved in value to just above $56 per ounce at its most recent low in late June.

The long-term bullish trend remains intact

While silver’s short and medium-term trends are lower, the long-term path of least resistance remains clearly bullish as the silver market moves into the second half of 2026. 

The quarterly chart shows that it took silver futures four and a half decades to eclipse the 1980 high, which had been the long-term technical resistance level. After the parabolic rally that drove silver to a new record high of $121.785 on June 29, the 1980 high of $50.36 became the critical technical support level. In early July 2026, silver futures are threatening to test the support that was formerly the technical resistance. 

Wild price swings could be the norm

Silver and gold prices have a long history of price correlation as both are industrial precious metals with financial applications. While gold remains a central bank reserve asset, silver no longer has that role in global financial markets. However, many investors continue to view silver as a store of value. 

Central banks and governments abandoned silver because of its higher price volatility compared to gold. 

As the monthly chart shows, historical silver volatility is 44.49%.

Monthly historical gold volatility is nearly half that level at 23.09%. 

Silver’s penchant for high volatility means price swings could remain wide. While gold dropped 29.3% from its late January high, silver fell 53.9%. The odds favor continued high volatility in the silver futures market, as silver is a bucking bronco. 

Short-term levels to watch

The one-year continuous COMEX silver chart defines its critical technical support and resistance levels through the second half of 2026. 

The first support is at the most recent low of $56.13 per ounce. Below there, the October 28 low of $45.51 is a technical target, but the 1980 high of $50.36 is a crucial long-term support level to keep silver’s bullish trend intact. 

Technical resistance is at the June 17, 2026, high of $71.65, the May 13, 2026, high of $90.105, and the March 2, 2026, high of $97.30 per ounce, which is a gateway to testing the late January $121.785 per ounce all-time high. 

Ideas on approaching silver as it works through the current period

Time will tell whether the bullish trend in silver can survive, as holding the $50.36 per ounce level is critical. While investing in silver by buying on any dips was optimal from the 2020 pandemic-inspired low of $11.64, the dynamics have changed. Trading silver by going with the flow appears to be optimal in early July 2026. Silver is currently in a bearish trend; as long as the price remains below the first technical resistance at $71.65 per ounce, the bias remains for further downside price action. A break above resistance would likely attract new buying, while sideways trading around $60 per ounce will likely frustrate stale long positions, increasing the odds of further liquidation to push the price lower towards $50 per ounce or lower. 

Silver is a trading market, not an investing market, in early Q3 2026. Any new risk positions should have a clear risk-reward profile with profit horizons and commensurate stop levels. I expect silver’s price to remain a bucking bronco over the coming weeks and months.