Silver Price Analysis – Silver Continues to See Pressure as it Sits Below $60

The $60 level is a large, round, psychologically significant figure that has been important multiple times in the past. If we break down below the bottom of the candlestick for the last couple of days, then I think we could see silver unwind towards the $50 level. Historically speaking, the $50 level has been extraordinarily important, at least 3 times that I can think of. So, therefore, it would make a certain amount of sense that $50 is a bit of a magnet for price.
Technical Support Levels and Market Outlook
If we can break back above the $60 level, it could kick off a short-term rally, perhaps a little bit of a reversion to the mean. We may even go as high as the 200-day EMA, which is currently at $67.48. After that, you have $70, but I think we would need some type of actual fundamental change. Things right now are just not good for silver, as the US dollar strength remains a major sticking point for silver bulls.
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