After a blistering run in the second half of 2025, an equally impressive start to 2026, and a volatile correction exacerbated by the Middle East conflict, silver has finally taken a breather in April. But its latest price action points to a potential bullish continuation.
Let's break down the charts across three timeframes to see if the white metal has what it takes to make another vertical move.
The Monthly View: Support Holds, Bullish Impulse Emerges
After a December close above $70, that level has held firm despite repeated tests, establishing a strong support base. The highest monthly close so far was in February at $93.75 – that's the level silver needs to overcome to solidify the next leg higher.
Nearly halfway through May, the monthly chart shows a bullish impulse: the price failed to reach the previous month's low and instead turned around to clear the previous month's high. As long as silver doesn't close inside the previous month's range or break support, the structure remains bullish.
The Weekly Chart: Caution Flags
The weekly chart tells a more cautious story. Price action formed a rising lower trendline, but a lower low from the last week of March is still in play. To flip bullish, silver would need to take out the stops from early March, around $90, and close above that level, making a new swing high.
Only after a higher high and a subsequent higher low are in place does the next healthy leg up become a probability. So the weekly chart is saying: not yet, but we're getting close.
The Daily Chart: A Mixed Signal
The daily chart shows the last three months of price action within a range of $66 to $91. After going through both a bullish and a bearish fakeout, the price mainly hung below the middle of the range before a May breakout.
While the daily timeframe already shows a higher low and a higher high – which, per Dow Theory, is a bullish signal – the upper timeframe is more important. So the daily chart is encouraging, but it needs confirmation from the weekly and monthly charts.
Fundamentals: Deficit and Solid-State Batteries
On the fundamental side, silver remains in a production deficit. Despite fading demand, the Silver Institute notes that a 2% decline isn't enough to stave off a sixth consecutive year of deficits. The 2026 projection is a shortage of around 46.3 million ounces.
And while J.P. Morgan expects more widespread adoption of silver-free technology, the sector seems to be moving in the opposite direction. Per Electrek, China's startup Greater Bay Technology has produced the first A-sample all-solid-state batteries. These batteries offer 260-500 Wh/kg energy density, fast charging, and superior safety with no thermal runaway.
The exact silver requirement for these batteries remains unknown, but current leading solutions – like Samsung's SDI – require about 1kg (32 oz) of silver per 100 kWh pack. That gives you a sense of the potential demand for silver if the energy transition succeeds.
Price Watch
The iShares Silver Trust (SLV) is up 18.63% year-to-date.