Silver is going through one of the most volatile years in modern market history. Surging as much as 161% year-on-year, the white metal reached a record high of $121.62 per ounce in January 2026 before entering a sharp correction after the CME raised margin requirements, sending prices tumbling back toward the $65 area.

At present, silver is testing the $90 per ounce mark during its third consecutive advancing session. This raises a question that many precious metals investors are now closely watching: has the pricing mechanism in the paper market truly broken down, or is the market simply experiencing a temporary period of abnormal volatility?

Silver Technical Analysis: Is a Reversal Pattern Gradually Forming?

Silver has posted three straight gaining sessions, rebounding from a local low around $80 and once again drawing momentum from global geopolitical uncertainty. During the March 10 session, prices briefly tested the $90 per ounce area the highest level of the week. However, at the time of writing, silver has pulled back slightly and is trading around $88.50 per ounce.

From a technical perspective, the broader picture has not changed significantly. Silver remains within the recovery channel formed in early February, suggesting that the current upward move is still primarily a technical rebound within a larger corrective structure.

From a wave structure perspective, silver is likely transitioning from the yellow wave B into the yellow wave C, with a white a-b-c corrective structure unfolding within it. In this context, the $89–$91 per ounce resistance zone is currently capping the price recovery. This may also be an early sign that a potential white wave b is gradually taking shape. If price turns lower from this area and confirms the white b structure, the next decline toward wave c could drag silver down to lower levels.

From a price pattern standpoint, the current area may also be forming the right shoulder of a potential Head and Shoulders pattern. If price breaks below the neckline, this pattern would be confirmed, further reinforcing the possibility of a short-term bearish trend.

If the breakdown scenario occurs, silver’s nearest downside target could be the $72–$74 per ounce zone, followed by the $65 per ounce area, which corresponds to the bottom formed in February.

Conclusion

Silver’s recent recovery has brought price close to a key resistance zone, where multiple technical signals are beginning to converge. This makes the $89–$91 per ounce area a crucial level in determining the market’s next direction.

If selling pressure returns at this zone and the corrective structures are confirmed, the possibility of a deeper decline should be taken seriously. On the other hand, if price clearly breaks above this resistance area, the market will need to monitor further price action before reassessing the possible scenarios.

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