Silver price analysis: Where to next for the blue-chip SLV ETF?

After steadily refreshing its all-time high in the past week, silver price has recorded its first loss in over a week. Earlier on Monday, the white metal rallied further to a new high at $83.65 before pulling back to $75.10 as of the time of writing. 

At its current level, it remains in the overbought territory as the lower prices attract more buyers. With the expected profit-taking and healthy correction, the SLV silver ETF will likely trade lower, even as the bulls eye the psychologically crucial level of $100. 

Silver price outlook as profit-taking mode kicks in

Silver and other precious metals have recorded stellar performance in 2025, with significant gains in the year’s last month. Indeed, the white metal has recorded several new highs in recent sessions; surging above $70 for the first time ever. 

Notably, geopolitical risks, economic uncertainties, and expectations of more rate cuts in 2026 continue to bolster the silver price. Besides, it has gained from a weaker US dollar and supply tightness in the physical market. 

With the solid fundamentals, the late-year rallying appears to be more technical. As such, the pullback expected in the near term may be short-lived as long-term investors take advantage of the lower prices for exposure. 

READ MORE: Silver price forecast for 2026: is it too late to invest or the rally still has legs?

At the same time, investors are keen on the US-backed peace talks meant to end the Ukraine-Russia war. On Sunday, President Trump, together with the Ukrainian President, asserted that they are “getting a lot closer, maybe very close” to a peace deal. Since geopolitical tensions have been one of silver’s bullish drivers this year, the agreement may lower its safe-haven appeal. 

Besides, Fed minutes are due for release on Tuesday. In its December meeting, the US central bank cut interest rates by a quarter basis point for the third time this year. While it hinted at one rate cut in the coming year, investors are pricing in two. 

Market participants will analyze the minutes for clues on the timing of the next policy easing. Beyond that crucial event, non-farm payrolls are expected early next year. Signs of weakness in the US labor market may increase bets of a quarter basis point rate cut during the Fed’s January meeting. As is the case with other precious metals, silver price tends to thrive in an environment of lower interest rates. 

SLV silver price technical analysis

The SLV silver ETF ended last week at a new high; hitting and surpassing $70 for the first time on record. Having refreshed its all-time high during the week’s four trading sessions, the derivative is now up by 165% ytd. 

A look at its daily chart shows the asset holding steady above the main bullish trendline that has been in place since early August as well as the over one-month-long steep minor trendline.

While the bulls are set to remain in control into the new year, a healthy correction is likely. Indeed, silver price pulled back on Monday after hitting a fresh all-time high earlier in the session. Seeing that the SLV ETF tracks the performance of the silver bullion, it will likely pull back below $70. At the time of writing, it was deep in the overbought territory at an RSI of 85. 

With the expected correction and profit-taking mode, the SLV silver ETF will likely drop to find support at $64.45. Below that level, $61.67 will be a support level worth watching.