Silver Crashes to 6-Month Lows, Analyst Sees Limited Downside
Silver prices tumbled to their lowest since December 2025, with spot silver falling below $60 an ounce, as selling pressure continued for a sixth session in seven, though one analyst argues the downside is now very limited.
Silver prices extended their selloff on Wednesday, with spot silver tumbling below $60 an ounce for the first time this year, marking its lowest level since December 9, 2025. The precious metal was on track for its sixth decline in the past seven sessions, as selling pressure remained relentless. At the time of writing, spot silver (XAG/USD) was down 3.7% at $59.3 an ounce, while silver futures for August delivery fell 4.3% to $59.6 an ounce.
The sharp decline has pushed silver into oversold territory, but according to Rashad Hajiyev, founder of RM Capital Consulting, the selloff has remained orderly rather than turning into a sharp capitulation. With investor sentiment extremely weak after the recent drop, the metal may spend some time consolidating before gradually moving higher. Hajiyev sees 'very limited downside' from current levels, suggesting that the worst of the selling may be behind. For precious metals traders, the silver rout comes amid a broader risk-off environment that has also weighed on gold, though gold has held up relatively better. Traders can track real-time silver and gold prices on NowPrice for the latest levels.
Looking ahead, silver's next support lies around the $58 area, a level not seen since late 2025. A break below that could open the door to further losses, but the analyst's view of limited downside may attract bargain hunters. Key data releases this week, including US GDP and jobless claims, could influence the dollar and risk sentiment, indirectly impacting silver. Additionally, industrial demand for silver, particularly from solar panel manufacturing, remains a long-term supportive factor. Traders should watch for any signs of stabilization or a reversal pattern in the coming sessions.