Silver

Key insight

Silver crashed ~50% from its January 26 all-time 2026 high of $115.15 to current levels, and today's -3.76% sell-off confirms the bear trend is reasserting itself after a brief geopolitical safe-haven rally; the next meaningful support cluster sits around $54.50–$55.00.

Silver has reversed sharply from Wednesday's $60.00 intraday high — its best level since July 10 — and is now breaking below the $58.00 near-term support, with the 61% September rate-hike probability and a strengthening USD acting as structural headwinds.

Main risk

Fed September Rate Hike Re-pricing

Markets now price a 61% probability of a September Fed rate hike, lifting real yields and the USD — a direct structural headwind for non-yielding silver, potentially driving a retest of the $54.50 June swing low.