The metal’s bull market has been curtailed by the pullback, and a longer time frame money flow indicator is negative.
One analyst now believes that silver will see the lower weekly BB at $54.76 by November. But if the recovery breaches the 20-week moving average, then the bearish perspective would be wiped out.
Silver Price Faces Lower Bollinger Band Test by November
After a sharp rise in 2026, the silver price is off to a fresh phase in its bear market run. The silver price is back on the downside after bouncing off the highs it reached in 2026. Silver analyst CyclesFan predicted that silver might break its lower weekly BB by November in a recent X post.
The analyst says the bottom of the indicator is at $54.76 right now. Silver is losing steam from its highs and trading around 60-65 on the weekly chart.
The chart’s middle Bollinger Band, which tracks the 20-week moving average, provides another level to watch. Source: CyclesFa Via X
A weekly closing price above that average would call into question the short-term bearish forecast, said the analyst.
Against the backdrop of Silver’s recent price action, the cautious assessment is justifiable. While the metal rallied significantly in early 2026, it turned around and started getting lower highs. Recoveries since then have not regained the momentum that had been gained upwards.
The lower Bollinger Band line then may serve as a downward price objective if the trend of selling persists. Transitions between approximately $60.82 and $54.76 would be about 10%.
The indicator does not, however, give a guaranteed price target but rather a potential price reference. If this occurs and prices fall below the band again, but buyers return, silver could stabilize before hitting the band.
Silver Price Chart Shows Retreat From 2026 Peak
Separately, The Technical chart from TradingView is a longer timeframe view of silver compared to the USD (XAG/USD). The price displayed is $60.82, which is 0.74% higher as of the October 10, 2026, data.
This chart shows the price of silver from 2010 to 2026 in the month of October. The prices had been trading at significantly lower levels for several years before gradually rising in 2024 and 2025. Source: TradingView
The rally spurred up significantly at the end of 2025 and into early 2026. Indeed, silver had jumped into the vicinity of $95 and had staged a steep price move that was more pronounced than its longer trading history.
It was followed by a large correction. The stock has fallen from its highs and is now selling significantly lower than its earlier this-year highs.
That decline has not been overcome with the latest recovery. Silver has rallied off its recent lows, but the chart shows the metal is struggling to regain its upward trend.
Silver Price Momentum Weakens as Money Flow Turns Negative
Meanwhile, Silver continues to trade above several historical price levels, but the rapid turnaround has dampened the immediate bull market.
The momentum of silver has weakened with a fall in the Money Flow Indicator this week. The money flow indicator turned negative this week, making silver price momentum wane.
The TradingView chart also features the Chaikin Money Flow (CMF) indicator, which illustrates buying and selling energy based on price and quantity. It has just moved down from the neutral zero line with its last reading of -0.08.
If the reading is negative, it indicates that the selling pressure has surpassed the buying pressure within the indicator’s time frame. This comes on the heels of the cautionary note from silver’s pullback from its 2026 highs.
The chart also indicates that there was a lot of trading activity around the steep rise and subsequent pullback. This trend suggests that the recent timeframe has witnessed significant market participation and increased price fluctuations.
The $54.76 lower Bollinger Band is the key reference line to watch for from a technical perspective in the X post. But silver must continue its recent recovery and break back above the 20-week moving average to head back toward the bull case.
The TradingView chart is not creating its own clear support level at $54.76. This is according to another weekly Bollinger Band study shared by CyclesFan.
Traders will be alert for the possibility that buyers step in to support silver if it nears the bottom of the lower band or for more price action to break down the bottom. A continuation of prices above the 20-week moving average would, on the other hand, question the analyst’s bearish bias.
The two charts thus suggest a market strengthening from a significant correction, while the momentum indicators remain bearish.
