Silver Price Analysis: Bulls Prepare for a $70 Rebound

Silver price action reveals that XAG/USD has been trading around $66 following a bouncy opening of September.

Silver has risen 13.57% over a period of eight days from August 4 to 12, as demonstrated in the market history. As seen across the three charts, the monthly swing was $57.97 to $71.19. Instead, traders must look at closing price confirmation, not intraday price action.

Each of the three charts provided shows a different time frame, but all are focused around the mid-$60 price level. The support test is a study done by [Fthegurus](https://x.com/fthegurus) on a daily basis.

Silver Price Analysis Keeps $65 as the Main Support

According to Fthegurus, silver rose 17% in August, and then, “it’s back to $65.” He has written a bias to the upside on his daily chart at horizontal support at $65.03. Friday’s candle traded as high as $64.74 on the day before heading up, but the buyers intervened, and the candle’s close was pushed above $64.74.

That recovery is consistent with his “fake breakdown” reading, but then another solid close is needed for confirmation.

Any price drop below $65 would take the setup away from it. It may release $63.00, then the mental $60.00 region. Source: Fthegurus Via X

The same chart is showing that there is a significant resistance level at $70.87. The price had been trading along that area in August. So bulls have to beat the lower barrier ($67 area) first and then test the higher barrier.

September Could Produce a Slow Recovery

Thegurus does not think that it’ll instantly skyrocket to $70. He calls September a “grinding” month and suggests that consolidation is more probable before another big move. His forecast is a retest at approximately $65, then a steady recovery towards $71 and $73.

This development will remain bullish if sellers cannot close the day out of the range of support. If a price tag lower than $65 is seen, it would indicate continued demand. However, with volume drops, repeated testing can work against a price floor.

With this base case, then, the numbers between 65 and $70.87 are preferred. If it breaks out of the range with a close above $70.87, it will form a breakout. The move could open up a sale window of $72.00–$74.00 for sellers.

Long-Term Chart Tracks Supply and Demand

The wide range of the daily chart for Cali XAUUSD spans several years. It is exhibiting silver breaking above a long base around $40 during 2025. Price has since rallied above $110 and started a long correction, but one that was unstable.

The chart has a wide support area from $54 to $56 that has been surpassed by the recent rebound. Source: Cali Va X

Another lower shelf seems to be near 46. The current mid-$60 support will only be significant during a bigger market sell-off.

California factors for the longer trend are limited supply, industrial demand, investment flows, geopolitics, and monetary policy. The following drivers can help the cycle. They will not keep you from taking big losses, as the downtrend after the peak is evident.

Broken Trendline Controls the Near-Term Setup

Formerly robust supporters have now turned into resistors, says Rashad Hajiyev. The short-term chart shows that the rejection at $67 has pushed XAG/USD below that trendline. Price is required to re-establish the previous bull market trend.

Another dip is possible before a better recovery, according to Hajiyev’s projection. It then made a move in the same direction, reclaiming the trendline at $69 and moving above $72. Source: Rashad Via X

The bullish trigger sits around $67.30, followed by $70.06 and $70.87. Support stands near $65.00, then $64.62 and $63.08. The daily close below $63.08 would shift focus toward $60 and the broader $54–$56 area of demand.