Silver futures closed near $64.25 on Thursday, down about 1.14%, after failing to hold a rally to $66.98. The metal is now testing a support band between $63.11 and $64.05, a level that technical analysts say will decide whether the pullback ends or deepens toward $61.90.
Silver closed near $64.25, down approximately 1.14%, after trading between an intraday high of $64.56 and a low of $63.845. The session capped a retreat from a recent high of $66.98 and left the metal below its short-term pivot. As a result, the immediate momentum picture stays defensive.
Silver tests the $63–$64 support band
The Daily VC PMI mean sits at $65.26, the principal short-term pivot, and silver is trading below it. Daily Buy 1 at $64.05 is being actively tested, while Daily Buy 2 at $63.11 marks the stronger extreme below the mean. The larger Weekly VC PMI mean stands at $61.90, the broader downside reference if the $63–$64 zone gives way.
On the upside, resistance is defined at Daily Sell 1, $66.20, followed by Weekly Sell 1 at $67.08 and Weekly Sell 2 at $67.41. A close above $65.26 would initially target $66.20; a break of that level could reopen the $67.08–$67.41 band. From a Gann Square of 9 perspective, the clustering of VC PMI support with the psychologically important $63–$64 pricing increases the technical importance of the region, though confirmation requires price action rather than simply touching the level.
Softer inflation data weighs alongside a tighter supply outlook
Silver declined alongside other precious metals Thursday, with COMEX silver settling around $64.87. Softer U.S. inflation data reduced expectations for a September Federal Reserve rate increase. Yet the longer-term fundamental backdrop remains constructive: the Silver Institute expects a sixth consecutive annual supply deficit in 2026, while physical investment is forecast to rise about 20%. AI, data center and automotive demand continue supporting industrial consumption, even as photovoltaic silver use faces thrifting and substitution.
The critical battlefield remains $64.05–$63.11. Holding that zone favors a move back toward $65.26 and then $66.20, potentially extending to $67.08–$67.41. A decisive breakdown below $63.11 would expose the $61.90 weekly mean.
Source: Commodities Analysis & Opinion
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