Silver Price Plunges Below $61.00 Amid Dominant Selling Forces

The silver price has continued to decline in its recent intraday trading, breaking below the current support level at $61.00.

This confirms the dominance of selling forces over price action and the short-term corrective downtrend.

The price is currently trading below EMA50, which acts as dynamic resistance limiting the chances of recovery in the near term.

However, relative strength indicators have started to show positive signals after reaching deeply oversold levels, which may help curb the pace of consecutive losses.