Spot Silver (XAG/USD): Key Levels & Medium Term Outlook

Research Notes October 2025 > https://www.unum.capital/post/roct2025

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Silver is in a powerful, multi-year structural uptrend but has undergone a significant weekly pullback, making the current levels a critical pivot point. Current Price: $48.5680. The weekly momentum is still highly constructive, but the velocity has dropped sharply, allowing a necessary correction. The Ultra Short-Term momentum is deep in the NEUTRAL tier and sloping steeply downwards, indicating the current sell-off pressure is intense but nearing exhaustion. The Short-Term momentum is in the NEUTRAL tier and sloping downwards, reinforcing the corrective phase. However, the Mid-Term momentum is just below the Approaching Overbought tier and sloping sideways, confirming the structural integrity of the long-term rally is still holding. The Base Term momentum is firmly in the Approaching Overbought tier, underscoring that the primary long-term trend remains extremely bullish. The key technical challenge is the Short-Term Resistance ($50.5000 - $52.0000). A successful break here would confirm the uptrend's resumption, targeting the Major Long-Term Resistance ($55.0000 - $60.0000). The critical Base Term Structural Support lies at $41.0000 - $39.0000; a failure here confirms a fresh bearish continuation.

Lester Davids

Senior Investment Analyst: Unum Capital