Silver SLV Falls Below Key Moving Averages

The technical picture reflects that strain. SLV is now below both its 50-day and 200-day moving averages, with a relative strength index of 31.4, close to oversold territory, and a negative MACD reading. That suggests the selloff has been broad enough to break near-term trend support, even after a large burst higher earlier in the year. Silver miner ETF SIL shows a similar pattern, falling to $83.56 and remaining below its 50-day and 200-day averages, while Endeavour Silver and other silver-linked names have also lost momentum.

The move comes as gold sentiment has turned sharply more cautious. Adalytica’s Gold Fear & Greed Index shows fear at 20, down from a 30-day reading of 64, even though awareness remains neutral. That implies a more defensive stance across the precious-metals trade, not just in silver. At the same time, the U.S. dollar sentiment gauge has recovered to neutral, reinforcing headwinds for dollar-denominated commodities.

There is still a bull case. Silver’s industrial uses mean it can outperform gold if global manufacturing and solar demand improve, and the metal has a history of sharp rebounds once rate expectations peak. But for now, the dominant story is that expensive money is suppressing bullion demand and leaving silver vulnerable to further unwinding if yields stay high.

For investors, the key question is whether this is a pause in a longer metals cycle or the start of a deeper reset. A sustained break back above the 50-day average would help stabilize sentiment. Until then, the market is treating silver less like a crisis hedge and more like a rate-sensitive commodity.