Silver Price Crashes Below $57 as Analyst's Short Setup Hits Target

The price of silver has extended its decline to around $57.17 after being repelled by bulls on multiple attempts to push it past resistance at $59.50.

According to analyst David, a 'short setup' with a 10-to-one risk-reward potential ratio was established on the 30m charts at approximately $59.574.

The downside price target of the trade is approximately $57.060, and the risk-to-reward ratio was about 1-to-10, indicating a solid strategy for this type of chart setup.

A breakdown in the minor 30m time frame occurred after sellers dominated the price structure, with the price breaching $58.80 and continuing downward.