Silver Price Plummets to $57.85 as Analyst Warns of Another Decline
Silver prices have plummeted to around $57.85 at press time after briefly breaking the $60 level during a recent relief rally.
The broader precious metals complex is under pressure, with gold holding near $4,050 and silver showing increased volatility.
Popular analyst More Crypto Online believes that another decline is possible before a major low forms in the market.
In his latest analysis, he notes that the current price action resembles a wave 4 triangle formation, indicating that a break below $61.40 could lead to a further decline towards the lower boundary and potentially $55.40 or even $51.
On the other hand, if silver manages to break above $61.40, the focus will shift to the $64.16-$69.65 zone, but More Crypto Online warns that rallies in this scenario have remained corrective so far.