The cash and silver rolls back on Tuesday and falls to 68.01 per ounce, a drop of about 1.3 per cent. In parallel, the price of the gold has weakened, and market attention has shifted to the soon-to-be-published United States inflation data, as well as a statement by Federal Reserve Chairman Kevin Warsh at Jackson Hall.

Macro-expected suppression of precious metals

In the recent past, the weakening of the dollar and the fall in the long-term return on United States sovereign debt had once underpinned the rise in silver and gold. But if inflation remains high, market expectations of interest rates may rise again, putting pressure on assets such as silver that do not generate interest gains.

J.P. Morgan Global Research has also downgraded its judgement on the silver and silver market. The Agency expects that in the fourth quarter of 2026, the silver price will reach $63 per ounce, with an annual average of approximately $70, which is significantly lower than previously forecast. Among the reasons given were a reduction in spot market tensions, a weakening of industrial demand in some markets and a possible rise in global interest rates.

Supply gaps still support

However, the supply side has not completely weakened. In the Global Silver Survey 2026, the Association predicted that there would be a gap of 4.3 million ounces in the silver market this year, which was the fifth consecutive year of annual undersupply.

This means that, despite short-term price pressures, the medium-term movement of silver is being pulled by both supply and demand. On the one hand, the macro-interest rate environment is unfavourable for precious metals; on the other hand, the continuing supply gap continues to limit the return space.

Short-line resistance is in the vicinity of 68.38 dollars.

Based on short-line movements, the 15-minute map published by Eagle Pips Pro shows that silver tried to rebound after a rapid fall, but the price was still not on the 68.38 dollar-near resistance zone. Reports indicate that this area will determine the sustainability of the rebound.

If prices are again blocked between 68.38 and 68.51 United States dollars, short-line and weak structures may continue, or markets may refocus on 66.96 dollars. On the contrary, if prices continue to stand at $68.51, the current emptiness scenario will be weakened and the market outlook may be redirected to the integer threshold of $70.

The weekly line remains above the long-term average.

Over a longer period, COMEX silver futures remain above the 50-week average. Reports indicate that the price of futures is about US$ 68.04, while the 50-week average is near US$ 63.93, stating that the silver has not fallen to key long-term trends after a recent reversal.

It is worth noting that this average position is close to the goal of $63 in the fourth quarter of 2026 given by Morgan Chase. If subsequent prices continue to collapse in this area, the recovery of larger levels of silver and silver may weaken and the market's expectation of further reversals will rise.