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Current Situation

As of 22 August 2026, silver (XAG/USD) is testing the psychological $70 area after a sharp rally that delivered weekly gains above 6%, with Comex silver settling near $69.47—its highest since mid-June—amid broad precious-metals strength.

Key Drivers

• US Treasury plans to at least double long-dated (10- to 30-year) bond buybacks to $4 billion-plus per operation from 9 September, easing yields and weakening the dollar (Reuters, Bloomberg).
• A softer US dollar (DXY near three-month lows) and falling Treasury yields, which lower the opportunity cost of holding non-yielding silver (FXStreet, Forbes, FXEmpire).
• A projected sixth straight annual supply deficit of roughly 46 million ounces, supported by steady industrial demand from solar and green tech (FXEmpire, 24/7 Wall St.).
• Technical breakout momentum as price clears prior resistance and targets the 200-day SMA near $72 (FXStreet, XTB).

Short-Term Outlook (1-7 days)

Momentum favors further upside if silver holds above $70, opening a path toward $72–$72.50 (the 200-day SMA). Key support sits near $65. Elevated RSI flags pullback risk, but the structure remains intact while the dollar and yields stay soft.

Long-Term Outlook (1-3 months)

The broader trend is constructive. Structural deficits and industrial demand provide a firm floor that distinguishes silver from purely monetary metals. Analyst commentary from FXEmpire, XTB and NAI 500 points to continued sensitivity to yields and the dollar, with the recent Treasury-driven move reinforcing the case for higher prices if fiscal concerns persist.

What to Watch

• Sustainability and market reaction to the expanded Treasury buybacks starting 9 September.
• Bond yields and dollar direction—the bond market still largely controls the next move.
• Fed policy signals and inflation data that could re-support the dollar or rates.
• Whether $70 holds as support or acts as resistance amid overbought technicals.