Silver price tests $56 support as $50 comes into focus

Silver price puts $56 support to the test

Silver price is trading around $56 per troy ounce, testing a crucial support level. Since July, the metal has largely traded between $56 and $71. Buyers repeatedly defended the lower boundary during the summer, but that support is under renewed pressure. Current spot quotes also place silver just below $56.

A brief move below support does not confirm a breakdown. However, sustained trading beneath $56 could signal a resumption of the broader downtrend. The first level to watch is monthly pivot support around $54. A further break would expose the $50–$49.42 support zone.

Silver outlook: Reclaiming $63 would improve the picture

The RSI remains below 48.5, highlighting weak momentum. Fresh buying interest is needed to stabilise the trading range. A successful defence of the $56 area could initially support a recovery.

A clearer positive signal would require a sustained move above the 100-day exponential moving average near $63. This could put the upper boundary of the range around $71 back in focus.

Silver daily chart: $56 support under pressure

Gold-to-silver ratio: Silver gives back its advantage

As of 21 October, one ounce of gold bought 71.2 ounces of silver. In late January, the ratio reached a five-year low of 45.3. By the latest data point, silver had fallen 50.3% from its peak, compared with 22.1% for gold from its own high.

The ratio reached 73.4 on 14 October, its highest level since early December 2025. It nevertheless remains below its five-year average of 81.0, meaning silver is still more expensive relative to gold than its average over that period.

Five-year gold-to-silver ratio: Silver gives back its advantage

Silver: Five-Year Price Performance