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The price of silver fell sharply by 7.84% to $76.90, marking its largest single-day decline since March. This drop follows repeated failures to break through the $90 resistance level, which had acted as a key technical ceiling since March 10. The breakdown below the 100-day moving average ($80.94) has shifted the technical bias toward sellers, with traders now focusing on the $75.00 level as the next critical support. A sustained move below this midpoint could signal a deeper correction, while a rebound above the 100-day MA might indicate a temporary pullback.
The decline reflects broader market dynamics, including a stronger USD and rising bond yields, which typically weigh on commodities. Technically, the loss of the 100-day MA removes a key support, increasing the likelihood of further downside. Traders are monitoring whether sellers can push below $75 to confirm a bearish trend or if buyers will defend the uptrend. The outcome will determine whether this is a short-term correction or the start of a longer bearish phase.
For investors, the next key levels are $75.00 and the April 29 low at $70.86. A breakdown below $75 would strengthen the bear case, while a rebound above $80.94 could stabilize the market. Traders should watch for volume patterns and whether the 100-day MA holds as a dynamic support/resistance level in the coming sessions.
