Silver slides again, sentiment remains negative

Silver slides again, sentiment remains negative
ON Thursday, the US yields spiked sharply, sending the 10-year yield 10% higher toward the 1.5% level, undermining precious metals. 
Silver dropped yesterday, although gold posted a much more significant drop. Today, the situation is reversed = gold is trading flat, while silver is plunging nearly 2% at the time of writing.

This week's bounce in silver stopped near 24 USD, where previous lows are located. It was an apparent technical pull-back in the ongoing bearish trend. It was sold-off aggressively. 

The weekly chart shows the last crucial support for silver - at September 2020 lows near 21.65 USD. Large stop-losses could be hit if that level is taken out to the downside, pushing silver further lower. Additionally, the long-term uptrend would be over. 
 
In that case, we could see a decline toward pre covid highs near 18.50 USD—a drop of circa 15%.

Alternatively, if bulls defend the mentioned support, silver needs to rise above 24 USD for the immediate bearish danger to perish. Short and medium-term trends seem bearish for now. Any rallies are expected to be sold, as we have seen this week already.
Show More Articles
Axiory uses cookies to improve your browsing experience. You can click Accept or continue browsing to consent to cookies usage. Please read our Cookie Policy to learn more.