Silver’s failure to hold above $38.51 confirms a short-term breakdown, exposing the July 16 low at $37.50. A breach of that level will turn the near-term trend bearish and likely accelerate downside momentum.
The next major support sits at the 50-day moving average near $36.20—a key line that currently governs the long-term outlook. To regain control, bulls must push prices decisively above $38.51, with $39.53 as the next upside trigger.
