Silver Price Prediction: Silver Nears $59 as Analysts See $72

Silver traded close to $59 an ounce Tuesday as geopolitical uncertainty and renewed precious-metal demand offset concerns about higher U.S. interest rates. The metal now faces a tightening technical range, with a break above $59.20 potentially opening the path toward $60.

Spot silver rose 1.2% to $58.88 by 6:50 a.m. GMT on Aug. 4, outperforming gold’s smaller gain. Traders were awaiting the June U.S. job openings report, scheduled for 10 a.m. Eastern, for fresh clues about the Federal Reserve’s next move. Markets were pricing a 65% probability of a September rate increase, which could pressure non-yielding metals if Treasury yields and the dollar rise.

Silver Compresses Inside a Symmetrical Triangle

Silver’s short-term chart shows price trapped between rising support and a descending resistance band. The narrowing structure suggests volatility may increase once the market produces a confirmed breakout.

Silver 15-Minute Chart. Source: Tradiify_LMS on X

The chart showed silver near $57.92, with immediate support around $57.90. The next downside levels sit near $57.10 and $54.36.

Resistance begins around $58.20, followed by $58.70 and $59.20. A sustained move above $59.20 would break the descending structure and strengthen the case for a test of the psychological $60 level.

A brief move above resistance would not provide enough confirmation on its own. Buyers would need to hold the breakout area during a retest. Conversely, a break beneath the rising trendline and $57.10 would weaken the setup and expose the larger $54.36 support level.

Gold-Silver Ratio Shows Relative Strength

Silver’s performance against gold offers another measure of whether the current rebound has broader support.

Gold-Silver Ratio Four-Hour Chart. Source:  TradingView

The gold-silver ratio stood near 68.93, below its 50-period exponential moving average around 69.82. The relative strength index was near 41, indicating that momentum in the ratio had weakened.

A declining ratio means silver is outperforming gold. A sustained move below roughly 68 could reinforce the bullish silver scenario, while a recovery above 69.80 to 70 would suggest investors are shifting relative strength back toward gold.

Inventory Decline Supports the Tight-Supply Argument

The longer-term inventory picture remains important because silver serves both investment and industrial markets.

Silver Inventory Chart. Source: DataTrack

The supplied chart shows reported silver stocks falling from approximately 525 million ounces in late 2025 to near 313 million ounces in spring 2026. Inventories later recovered toward 330 million ounces but remained well below the earlier peak.

Because the screenshot does not identify the warehouse category or distinguish registered from eligible metal, it should not be treated as proof of an immediate delivery shortage. However, the broader decline supports the argument that available inventories have tightened.

The Silver Institute expects mine production to remain broadly flat in 2026 and forecasts the structural market deficit to widen to 46.3 million ounces.

Analysts surveyed by Reuters expect silver to average about $71.90 an ounce in 2026, down from a previous $78 estimate. They cited weaker industrial activity and softer solar-sector demand, although artificial intelligence, electric vehicles and renewable-energy investment could provide longer-term support.

Silver’s immediate direction now depends on the triangle breakout and the market’s reaction to U.S. labor data. Holding above $59.20 would favor a move toward $60, while losing $57.10 would shift attention back to deeper support.