Since forming the all‑time high at $121.6 on January 29, 2026, Silver (XAG/USD) has entered a pronounced correction. The decline has unfolded with a clear Elliott Wave structure, and the ideal extreme target remains the 100% Fibonacci extension at $38.8.
Silver slips as hawkish Fed outlook persists despite soft US inflation data
Silver continues to sit just under $60 early on Wednesday, as we continue to see a bit of noisy behavior. Traders are also watching headlines and interest rates in the United States.
Silver's recovery lost momentum below the $60 mark this week despite softer-than-expected US inflation, highlighting a macro backdrop that has become less supportive than many investors anticipated. Ordinarily, a downside surprise in CPI would trigger a broader Dollar selloff and provide precious metals with a meaningful tailwind.
Gold and silver rebound after softer US inflation data, but rising oil prices and Middle East risks may revive inflation concerns and limit further gains.
For the first time this cycle, a silver miner has filed hard numbers on a forced production cut, and a mine-safety crackdown in China is behind it, not anything the price did.
Silver rallied early on Tuesday, as we continue to see a lot of noisy behavior. At this point, the markets are confused as far as I can see.
Silver price today: Silver rises, according to FXStreet data
Silver Price Forecast: XAG/USD holds above $58.00 despite ongoing bearish bias
Silver Price Forecast: XAG/USD trades higher around $58 in countdown to US CPI data
Silver Price Forecast: XAG/USD dips as oil surge lifts Fed hike odds
Silver remains under strong selling pressure as bears target key support below $55.60, while resistance at the 20-day moving average continues to cap rallies.