Silver Price Crashes Below Neckline Resistance

The silver price has fallen below $64.10, keeping the head-and-shoulders pattern alive and potentially leading to further losses. The XAG/USD is trading at $63.60, down over 1.50%. Sellers appear to be in control as indicated by the Relative Strength Index (RSI) being below its 50-neutral level.

A decisive breakout below $63.00 exposes the 50-day Simple Moving Average (SMA) at $62.59 and potentially sets a course for $60.00. On further weakness, the next stop could be the head-and-shoulders measures objective at $55.00.

However, if buyers can push silver past the 'right shoulder' or the September 9 peak at $68.33, they may negate the head-and-shoulders pattern and potentially send prices towards $70.00.