A drop below Friday’s low of $57.22 would indicate continued weakness toward that next support zone, where traders will look for signs of support to emerge. Nonetheless, there remains the possibility that support could fail in that price zone as well. If that occurs and silver records a decisive decline below $54.23, the lower target would be the 78.6% Fibonacci retracement level at $48.29.

Resistance Must Break to Shift Momentum

Key near-term resistance is defined by a range from around $60.77 to $61.34, with the higher level represented by the falling 20-day moving average. Before there is a chance for higher prices, the 20-day moving average must first be reclaimed, followed by further signs of strength. Until then, the bearish trend remains in control, leaving the support levels discussed above as the market’s primary focus.

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