Silver prices dropped over 1% to a yearly low of $53.03 on Friday, as bearish momentum intensifies and traders eye a potential test of the $50.00 support level.
Silver is experiencing significant bearish pressure, evidenced by a decline of over 1% that pushed the price to a new yearly low of $53.03. This downward momentum suggests that market participants are actively targeting the psychological support level of $50.00 in the near term.
The silver price hit a new yearly low of $53.03.
The next major psychological support level being targeted by sellers is $50.00.
Silver prices extended their recent downtrend on Friday, falling more than 1% to reach a new yearly low of $53.03. The precious metal currently trades near $54.00, with market analysts signaling that sellers are now positioned to challenge the psychological $50.00 support level in the near term.
The outlook remains bearish as the price recently hit a yearly low of $53.03, with technical indicators suggesting a potential move toward the $50.00 level.