Noted by analyst Clive Maund, several developments showing up on the charts suggest that silver may be working its way through the recent correction and preparing for another move higher.
Silver has remained very resilient relative to its dominant primary driver gold in recent months, trading at its best levels in over a dozen years. Silver apathy and bearishness lately has been myopic and misplaced.
Industrial demand for silver continues to expand, particularly in solar energy. Maharrey cited an estimate that solar-panel adoption in Africa would rise 45 percent in 2026.
A break under $58.35 suggests new lows below $54.74. Under $62.50 suggests lower. Obviously, the argument of further declines or new lows is over with new highs above $4,700 gold and $71 silver.
Nearly three-quarters of newly mined silver comes as a byproduct of copper, lead, zinc and gold mining, meaning higher silver prices don't necessarily lead to higher silver production.
