🚨Silver slides 1.5% - is the uptrend at risk?

Silver (SILVER) is down more than 1.5% today after a massive rally that has delivered gains of over 100% from the latest local low on October 28, 2025. Looking at the chart, the long-, medium-, and short-term uptrends remain intact. That said, the metal has failed to push decisively above $93 per ounce, and today’s pullback is taking prices back toward the $90 area.

On the chart, the previous upswing that began on July 31 lasted 79 days before a deeper correction set in, pulling prices down toward $45 per ounce and marking a peak on October 17. Now we can see that another strong leg higher started on October 28 and has lasted 79 days up to today—yet prices are now slipping. This second impulse delivered roughly twice the upside: during the summer–autumn 2025 move, silver rose by about 53%, whereas the autumn–winter leg produced a surge of more than 100%.
If the technical picture weakens and prices fall below $90 per ounce, profit-taking pressure may weigh on the market and limit any potential acceleration in buying.
Looking at the CFTC Commitment of Traders report for silver dated January 6, we can see that producers (Commercials) hold a large hedging short position (net short -25,545 contracts), while speculative funds (Managed Money) are net long +15,822 contracts.
Bullish exposure increased as of January 6, but not because funds added longs—rather, it was driven mainly by short covering. Commercials also reduced shorts marginally, but the change was negligible: 529 contracts versus a still substantial net short position of more than 25.5k contracts.
Long exposure is also held by Other Reportables and Nonreportables, pointing to strong bullish positioning among smaller-capital participants. Nonreportables are net long by more than 22.4k contracts.

After silver rebounded above $90 per ounce, the move was very dynamic—largely due to high concentration on the short side. The eight largest net short holders account for 37.6% of total net short positions. Momentum, however, is gradually fading and the rally is showing early signs of fatigue.

SILVER (D1)

A potentially important support area in a pullback scenario could be around $70, where a strong “base” formed around the turn of 2025 and 2026. On the other hand, if silver rebound above $93 again, we could see a pressure toward $100 level.

Source: xStation5

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
adobe_unique_id	Expiration date 364 days
test_cookie	Expiration date 1 hour
SESSID	Expiration date 1 day
__hssc	Expiration date 1 hour
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
xtbLanguageSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
userPreviousBranchSymbol	Expiration date 364 days
_cfuvid
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
UserMatchHistory	Expiration date 29 days

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-22576382-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
AnalyticsSyncHistory	Expiration date 29 days
af_id	Expiration date 394 days
afUserId	Expiration date 729 days
AF_SYNC	Expiration date 6 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
_gcl_au	Expiration date 89 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
muc_ads	Expiration date 729 days
lang
_ttp	Expiration date 389 days
_tt_enable_cookie	Expiration date 389 days
hubspotutk	Expiration date 179 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
MSPTC	Expiration date 389 days
IDE	Expiration date 389 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days

Cookie name	Description
personalization_id	Expiration date 729 days
UserMatchHistory	Expiration date 29 days
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
lang
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days

🚨Silver slides 1.5% - is the uptrend at risk?

Join over 2 Million investors from around the world