Silver Price Prediction: COMEX XAG Deliveries Spike, XAGUSD Eyes $75
There is a story building in the physical silver market right now that goes well beyond the chart itself, and this silver price prediction ties both pieces together to explain what could come next for XAGUSD.
This is a purely technical and data-based read on XAG, not a personal position or financial advice.
Silver Price Today
Silver, tracked here as XAGUSD, is trading at $65.26950 on the 1-hour OANDA chart, down 0.32% after opening the session at $65.48150.
The pair touched a high of $65.53450 and a low of $65.25850 before settling near current levels. This pullback comes right into a well-established trendline zone, which is exactly the kind of setup traders watching XAG rate today tend to pay close attention to.
Source: OANDA, September 22, 2026.
Silver News Today: COMEX Silver Deliveries Reach 31.45M Ounces
The bigger story for XAG right now is not the chart; it is what is happening on the COMEX delivery desk. 
SilverTrade posted that September COMEX silver deliveries have reached 31.5M ounces, and the numbers behind that headline are genuinely striking.
The CME's House Account alone issued 280 Micro Delivery Notices, pushing September Micro Silver Deliveries up to 1,080 contracts, worth 1.08 million ounces.
On the standard COMEX side, Stonex issued 121 Delivery Notices, while Wells Fargo's House Account stopped 29 and JP Morgan stopped 37, with the CME's House Account stopping 56 more.
Add it all up, and total COMEX September XAG deliveries have climbed to 6,290 contracts, equal to 31.45 million ounces.
Here is why this actually matters for anyone asking why silver is up today or trying to build a XAG price prediction from more than just candles.
Heavy delivery notice activity like this usually means large players are choosing to take physical metal off the exchange rather than settle in cash, and when banks like JP Morgan and Wells Fargo are actively stopping (accepting) delivery notices, it signals real institutional appetite for physical silver rather than just paper exposure.
That kind of demand tightens available exchange inventory over time, and tighter physical supply has historically been one of the more reliable tailwinds behind silver price forecast discussions, especially when it shows up alongside a chart that is already holding its uptrend structure.
Source: SilverTrade on X, September 22, 2026.
Quick Take
CMP: $65.26950 (1-hour OANDA XAGUSD chart)
Bullish trigger: close above $68.32064
Bearish trigger: close below $64.01740
Data timestamp: September 22, 2026
Risk note: price is currently testing trendline support directly, so the next few hourly closes will decide whether this holds or breaks
Silver Price Prediction Technical Analysis
On the 1-hour XAGUSD chart, XAG has been climbing along a clean ascending trendline since the 17th, and this move has already produced three confirmed retests of that line, each one holding so far. 
Price is now sitting right at the trendline again near $65.27, after pulling back from a recent high above $65.53, which puts this exact moment at a genuinely important decision point for silver technical analysis.
The oscillator panel below the chart currently reads 35.59, a noticeably cooler reading after two bear-labeled dips and one bull-labeled push earlier in this climb.
That kind of pullback in momentum right as price tests support is fairly normal within an uptrend, rather than necessarily a warning sign, though it does mean buyers need to step back in soon to keep this structure intact.
If price takes support here and closes above $68.32064, that confirms the bullish continuation and opens a path toward $71.16544, with a further extension target at $75.02535 if that level also gives way.
If instead the trendline finally fails and price closes below $64.01740, the next support to watch sits at $62.33447, and losing that zone would mark a real shift away from the uptrend that has been in place for over a week.
Silver Support and Resistance Levels
Level Type | Price | % Distance from CMP |
Resistance 2 | $75.02535 | +14.9% |
Resistance 1 | $71.16544 | +9.0% |
Resistance (near-term) | $68.32064 | +4.7% |
Current Price | $65.26950 | - |
Support 1 | $64.01740 | -1.9% |
Support 2 | $62.33447 | -4.5% |
Bull Base Bear XAG Price Outlook
In the bullish case, price holds its trendline support here, closes above $68.32064, and pushes on toward $71.16544 and then $75.02535, a move that would line up naturally with the tightening physical supply picture coming out of the COMEX delivery data.
In the base case, price spends more time consolidating around the trendline between $64.01740 and $68.32064, letting the cooler oscillator reading recover while the market keeps digesting just how much of this delivery demand is genuinely new buying versus routine month-end settlement.
In the bearish case, the trendline that has held through three retests finally breaks, price closes below $64.01740, and price slides toward $62.33447, which would suggest short-term paper market selling is outweighing the physical demand signal for now.
Risks To This XAG Price Prediction
A trendline that has already been tested three times carries some fatigue risk, and a fourth failed defense would be a more serious signal than usual.
The COMEX delivery data, while notable, reflects one month's activity and could ease off in October, so this physical demand tailwind is not guaranteed to persist.
Broader dollar strength or a shift in Federal Reserve rate expectations could also override silver's own chart structure and delivery-driven narrative in either direction.
Silver Price Forecast 2026 and Beyond
Rising COMEX delivery volumes alongside a silver rate today that is still respecting its broader uptrend suggest the metal is being treated as more than just a trading vehicle right now, with real physical demand building underneath the price action.
If this pace of delivery activity continues into the final months of 2026 and price clears the $68.32064 to $75.02535 zone on the chart, the combination of a supply-tightening physical market and a technically confirmed breakout would give silver a genuinely strong setup heading into 2027, though how that plays out will depend heavily on whether this delivery demand proves to be a lasting trend or a temporary spike.
Glossary
Ascending Trendline: A rising support line connecting a series of higher lows.
Delivery Notice: A formal notification on a futures exchange that a party intends to make or take physical delivery of the underlying commodity.
COMEX: The Commodity Exchange, the primary US exchange where silver and gold futures are traded.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Commodity and currency markets are highly volatile. Always do your own research before making investment decisions.
