Silver prices face downward pressure, slipping 0.42% to trade near $54.00 after buyers successfully defended the critical $53.00 support level during Monday's session.
Silver is currently exhibiting a bearish technical structure as it struggles to maintain momentum, evidenced by a 0.42% decline on Monday. While buyers successfully defended the $53.00 support level, the asset remains trapped below its opening price, indicating persistent selling pressure despite the intraday recovery toward $54.00.
The immediate support level is identified at $53.00, where buyers have recently defended the price.
The asset drifted lower by 0.42%, failing to hold its opening price despite a brief recovery above $54.00.
Silver prices drifted lower by 0.42% on Monday, struggling to maintain momentum after a brief retest of the $53.00 support level. While buyers successfully defended the floor, the metal remains trapped in a bearish structure as it trades below its daily opening price.
The outlook for Silver remains bearish in the short term as the price continues to drift lower despite successful defense of the $53.00 support level.