Peter Brandt Sees Silver Nearing a Final Low, But Warns of a Gradual Recovery

Silver may be close to bottoming out, according to veteran trader Peter Brandt. Yet he cautions that any rebound is likely to be slow rather than sudden.

The precious metal was at $53.18 per ounce on Thursday, gaining 1.76% for the day. That still puts it roughly 56% below its January peak of $121.74.

Where Does Peter Brandt Expect Silver’s Final Low to Land?

On X, Brandt noted that both his weekly and daily chart versions indicate a falling wedge.

This pattern develops when prices move downward between two converging trendlines. Technical analysts typically interpret it as a signal that selling momentum is weakening.

X silver bulls
I've drawn this chart in a couple of ways — weekly line and daily candles
All evidence points to a falling wedge at this time with final low slightly below 50-year support
Remember, prices after escaping a falling wedge typically roll out — they do not burst out… pic.twitter.com/CCVAvs3TVZ

— The Factor Report (@PeterLBrandt) November 4, 2026

Brandt expects the wedge's final trough to form just under silver's multi-decade support level. His charts place that zone near $56 on Comex silver futures, a price silver is already below.

The pattern's lower boundary is around $48, where Brandt placed a red marker. Silver has not yet reached that line on either of his charts.

He added that he had anticipated prices in the low $40s but no longer expects them.

His analysis follows an October 30 post. In it, he characterized the decline as a flush of holders who entered above $90 to $100. He stated that bottoms start to form in such a manner.

The catch is in how wedges typically behave. Brandt pointed to Richard Schabacker, Robert Edwards and John Magee, early writers of chart-pattern references.

“Remember, prices after escaping a falling wedge typically roll out — they do not burst out (Schabacker, Edwards/Magee),” he wrote.

Still, he anticipates substantially higher silver prices over the coming years.

Can the Midterm Rally Carry Silver Without Help From the Fed?

The ability of silver prices to continue climbing also hinges on the dollar and the Federal Reserve's next actions.

The latest silver upturn began after Democrats secured both chambers of Congress. The US dollar index subsequently slipped to a one-month low of 101.099.

The 10-year Treasury yield dropped to 4.89% on that same day. A softer dollar makes dollar-denominated metals more affordable for overseas buyers.

Peter Schiff, founder of bullion dealer SchiffGold, took a more aggressive stance than Brandt. He argued that silver might never dip below $50 again.

After being up over $130 today, gold is up another $55 tonight, trading above $4,100. It's possible it may never trade below $4,000 again. Silver is up another 40 cents, trading above $52.50. It may never trade below $50 again. Just in case, buy both now. https://t.co/CY02g7NyCR

— Peter Schiff (@PeterSchiff) November 5, 2026

Interest rate expectations point in the opposite direction. On Wednesday, CME FedWatch still showed an 82% probability of a December Fed rate increase.

Higher borrowing costs make it more expensive to hold assets that yield no interest. Friday's US jobs report is the next test for those probabilities.

A robust report could boost rate-hike chances and potentially pull silver back toward the lower boundary of Brandt's wedge.