Peter Brandt Draws Silver's Falling Wedge Floor Near $48

Falling Wedge and a $48 Floor

Peter Brandt has told silver bulls that every version of his chart now points to a falling wedge, with the final low forming slightly below the metal's 50-year support line. The veteran trader laid out the call in a November 4 chart post, drawing the same market two ways, a weekly line chart and a daily candle chart. He argued the two time frames agree rather than conflict. Both drawings show silver sliding between two downward-sloping lines that slowly converge, a shape classical chart reading treats as selling pressure fading rather than building. The metal changed hands at $53.18 an ounce on Thursday, up 1.76% on the day, which still leaves it roughly 56% below the January record of $121.74. Brandt's charts draw the 50-year support line near $56 on Comex silver futures, a level spot prices already trade beneath. The wedge's lower edge sits near $48, where he marked a red arrow, and neither of his charts shows a touch of that line yet. He added that he had once hoped for prices in the low $40s but no longer expects them.

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A November 4 chart post.

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The new call builds on a post from October 30, in which he described the selloff as a purge of buyers who had held positions above $90 to $100, arguing that bottoms begin to form in exactly that way. The catch, as he framed it, lies in how wedges of this kind usually resolve once prices break out. Citing Richard Schabacker, Robert Edwards and John Magee, the early authors of chart-pattern textbooks, he wrote that prices escaping a falling wedge “typically roll out, they do not burst out”. Even with that warning, he still expects sharply higher silver prices in the years ahead, though any recovery should arrive gradually rather than explosively.

Silver (XAG) last printed $52.52 in COINOTAG's live reading, up 3.02% over 24 hours and holding inside a $50.91 to $53.56 range. The composite scoring, which rates a level by its technical confluence, places the nearest support at $51.01 with a 69/100 score and the nearest resistance at $53.81 with a 74/100 score. The daily trend reading still labels the market a downtrend, the 14-day RSI sits at 44.2, and perpetual open interest stands near $329 million.

Peter Schiff Goes Further Than Brandt

Peter Schiff, the founder of bullion dealer SchiffGold, drew a harder line: silver may never trade below $50 again. The post came a day after Brandt's chart, and it took the bull case to its logical extreme. In a November 5 post, he noted gold had gained more than $130 during the day and another $55 overnight to trade above $4,100. Silver, in his telling, added another 40 cents to trade above $52.50, and his advice to readers was blunt: buy both now, just in case neither metal revisits those floors.

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A November 5 post.

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The macro backdrop explains part of the bid. The latest silver rally began after Democrats won both chambers of Congress, and the US dollar index fell to a one-month low of 101.099 in its wake. The 10-year Treasury yield slid to 4.89% the same day. A weaker dollar makes metals priced in dollars cheaper for holders of euros, yen or yuan, which supports overseas demand. Rate expectations, though, cut the other way. CME FedWatch pricing on Wednesday still put the odds of a December Fed rate hike at 82%. Higher rates raise the cost of holding metals that pay no interest, and each added point of hike odds tightens that trade-off against yielding Treasury bills. Friday's US jobs report, due November 6, is the next test for those odds. A strong print could lift hike bets and drag silver back toward the lower edge of the wedge on Brandt's charts, leaving Schiff's $50 floor and that $48 boundary framing the same range from opposite ends.