This report is provided by MacroTerms.com

Data as of: 2026-10-19 · Settlement: Exchange final daily settlement

Silver (SI=F) Deep Dive | Bearish: 20D -13.8%, SIZ26 below P 57.394 | 2026-10-20

Bearish on silver: the COMEX December silver contract (SIZ26, referenced via SI=F) settled at 57.273 on 2026-10-19, down 13.76% over 20 sessions and 5.35% over five, and sits below the NEXT pivot P of 57.394 that governs the coming session. The 2026-10-14 bar printed a 20-day low of 55.56, and the last completed weekly bar (2026-10-12 to 2026-10-16) fell 6.13% w/w to close at 57.305. Managed-money net length has been cut from 13,309 contracts on 2026-09-22 to 5,619 on 2026-10-13, but open interest has risen to 108,433, so the liquidation is not yet complete. Fundamentals offer no offset: COMEX registered stock rose 5.83 Moz over 20 reports to 103.12 Moz as of 2026-10-15, SLV holdings rose 1.22% over 20 sessions to 497,650,797 oz, and SHFE warrants stand at 1,403,467 kg as of 2026-10-19. The gold/silver ratio at 72.64 sits in the 87.3% 1-year percentile, confirming silver's underperformance. In early Asian trade on 2026-10-20 at 07:00, the contract was last at 57.049, down 0.39% versus settle, below P. Invalidation: a daily close above R1 57.889.