Last Updated on October 10, 2026 by Deon
Silver prices went up a lot on Friday, October 9 as people started buying and pushed the price back over $60. The rise made some people think that silver might be going up for a time. Some signs in the market suggested that silver could go up to $64.
According to the FXStreet report silver (XAG/USD) went up about 2.80 percent. It went from a low of around $59.17 to a high of $61.19 in one day. At the time of the report silver was around $60.86.
This rise happened after some selling had been happening. It shows that some traders are looking to buy when the price’s lower. However silver is still below some moving averages. This means the overall chance for a move is still uncertain.
The next thing for buyers is to keep the price moving up and try to reach prices.
A Bullish Engulfing Pattern Helps the Recovery
A Bullish Engulfing Pattern is a candlestick pattern that can show a change from selling to buying. It happens when a green candle covers the red candle.
This pattern is important if it happens after a drop because it shows that more people are trying to buy.
In the case of silver this pattern has made people more interested in seeing the price go up to $64.. Traders should wait for more signs before assuming this pattern means a sure thing.
Technical patterns can fail, especially when the market is not clear. A real move above the resistance with buying would be better proof that silver is coming back.
If the pattern does not work and sellers take control again the price could go back to levels.
Silver Price Forecast: Can XAG/USD Go to $64?
The $64 level is the target in the report. It is an area because the 50-day and 100-day moving averages were around $63.97 and $64.29.
These averages could act as a barrier if silver tries to come from its recent drop.
If the price stays above $64.30 the chances of an upward move might get better. This could lead the price toward $65. If the buying keeps going past that traders may watch for the big resistance area around $70.
Silver has to first beat the resistance from its moving averages. A quick rise might not mean the trend is really changing.
The market might also have ups and downs as traders react to economic news and what they think about US interest rates.
Key Support and Resistance Levels
The report from October 9 listed these levels:
Resistance levels
$61.19: The highest point in two days and the first level buyers have to pass.
$63.97 to $64.29: The main resistance area from the 50-day and 100-day moving averages.
$65.00: A level to watch if silver goes above $64.30.
$70.00: A bigger target to keep an eye on if the recovery gets stronger.
Support levels
$60.00: The main level that traders look at.
$58.50: The low from October 8 and an important level to watch.
$56.57: The low from August 3 which could be important if the price drops more.
These are some points to watch not sure signs of a change. Traders should check the price before making a decision.
What Could Change Silver Prices?
Several things can affect where silver goes next.
US Dollar and Treasury Yields
Silver is priced in US dollars. If the dollar is weak it might cost less for people in countries, which can help silver.
Yields on Treasury notes also matter because silver does not pay interest. Lower yields might make silver more attractive while higher yields could push it down.
Federal Reserve Interest Rate Plans
What people think the Federal Reserve will do with interest rates affects silver. If they expect rates silver might go up. If they think rates will go up silver might struggle.
Industrial Use
Silver is used in industries, like electronics and solar power. Changes in how much’s used in these areas can affect the price along with investment money.
Traders should think about these things of just looking at candlestick patterns.
Trading Plan: Look for Signs
Traders hoping for a move up might watch if silver stays above $60 and goes past the high near $61.19. A real move higher could make it more likely that silver will test the $64 level.
If silver can’t stay above $60 the recovery might be weak. The $58.50 level could be tested.
A smart plan is to wait for signs set a stop-loss and decide how much to trade based on the risk. Jumping in right after a big move can be risky if the price drops quickly.
No pattern is a guarantee of success and silver can change quickly.
Silver went up past $60 which makes its short-term future look a bit better. A possible Bullish Engulfing Pattern has made the $64 level more important.
The next big test is whether buyers can move past the moving averages near $64. If they do there might be gains. If the price falls below $60 the lower levels could come into play.
For now traders should watch the price the US dollar, Treasury yields and what the Federal Reserve might do before making a move.
Disclaimer: This is, for information not financial advice. Trading silver can be risky. Losses are possible.
