Silver Price Forecast: Renewed US-Iran Tensions and Oil Spike Weigh – Further Drop to $72 or Rebound Ahead?

Quick overview

As of April 24, 2026, mid-morning trading as the NY markets kick into gear, spot silver is hovering around $74.70-$75.50 an ounce.

• Recent action: Silver’s taken a bit of a hit today, down a rough 0.5-1% and on track to finish the week in the red – a 5-7% loss. Just yesterday it was hanging around the $77-$80 mark, so this pullback is certainly notable.
• Long-term view: Silver’s still taking breaths easy – it’s up over 120-127% year-on-year, but a far cry from its all-time high of $121-$122 back in January 2026.

Key Drivers today

It’s no surprise that silver’s under similar pressure to gold

• The ongoing tensions in the Middle East between the US and Iran – along with all the Strait of Hormuz drama and blockades – has everyone spooked, sending oil prices soaring and raising inflation concerns that in turn are keeping interest rates higher for longer & weighing on non-interest paying metals.
• The stronger-than-expected US dollar & rising bond yields are also giving silver a rough ride.
• Risk-off sentiment’s taken hold in some sessions, but there are underlying supports – mainly from physical demand: industrial, investment & central bank/China-related flows still seen as stable.

Technical levels:
Think $74-$72 as support levels & $76-$78 as potential resistance points. The gold/silver ratio has settled back to a normal range of around 62-63:1.

Silver (XAG/USD) Technical Analysis

The 2 hour chart is showing silver’s starting to lose its grip: price just slipped below that $75.49 support & is now trading near $74.70, under both the 50 EMA ($77.13) and 200 EMA ($76.84) – which are now acting as a barrier.

The breakdown from the rising channel that’s been propelling silver upwards since late March has been a turning point. Looking at the $82.45 resistance zone & that clear lower high – the rejection from that level marked the start of some sustained selling pressure. & now the technical picture looks decidedly bearish: lower highs only seem to get lower, momentum seems to be swinging in the sellers’ favour & RSI is reading 36 – not fully oversold yet.

Key Levels:

Think: Resistance $75.50-$76.80 → $77-$78

Support: $72.66 → $69.53

Trade Idea: Sell below $75.00, aiming for $72.66. Stop loss above $76.80.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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