Silver prices have retreated sharply after hitting multi-decade highs earlier this month. The metal surged beyond $50 per ounce in early October 2025, touching a record high near $54.49 before pulling back to the $46–$47 range by late October, a decline of about 13.31% from its October 17th peak. The correction was primarily driven by investors locking in profits after silver showed signs of exhaustion after a prolonged upward run. Many traders viewed the rapid rally as unsustainable, prompting selling and margin calls that added to short-term volatility.

The recent drop also reflects changing global sentiment. Optimism surrounding U.S.–China trade talks and easing geopolitical tensions have reduced safe-haven demand for precious metals. As confidence returned to equity and bond markets, silver’s appeal as a risk-off asset weakened, leading to further profit-taking. Despite the correction, silver remains one of the year’s top-performing commodities, still up more than 35% since January.

In technical terms, silver faces support at $47.51, $46.45, $45.98, and $44.58 per ounce, while resistance lies at $47.95, $49.10, $49.47, and $50.86. The $47.95–$50.00 zone continues to attract selling pressure, and a close above $49.50 would be crucial for a bullish reversal. Conversely, a break below $46.45 could trigger further downside toward $44.37.