Silver (XAG/USD) remains bearish on the 4-hour chart at 53.979, up 0.245 from 53.734 in our previous analysis dated October 27, 2026. Since then, price has broken below the previous 53.027 support, reached the chart’s marked 52.663 continued-decline area, and rebounded modestly. This suggests an initial recovery, but price has not reached the 38.2% retracement near 56.20. The chart still projects purple wave (iv) toward 56.20, followed by renewed weakness toward 52; invalidation remains at 58.505.
Technical Summary of Silver Price for October 28, 2026
- Trend: Bearish.
- Current Elliott Wave: Blue wave v is marked near the recent low; purple wave (iv) is projected toward 56.20.
- Key Support Levels: 52.663 marked; further decline toward 52 projected.
- Key Resistance Levels: 56.20; 58.505.
- Next Price Target: Corrective rebound toward 56.20, followed by projected weakness toward 52.
- Invalidation Level: 58.505.
- Fibonacci Levels: 38.2% retracement near 56.20.
Trader’s Question: Has silver’s corrective rebound begun?
A modest rebound from the marked 52.663 area is visible, but the projected recovery toward 56.20 remains incomplete.