Silver Price Plunges on Hawkish Fed and Failed Breakout
The silver price has been experiencing a bearish trend due to a hawkish Federal Reserve and a failed breakout attempt. According to momentum indicators, buyers are still in control, but the Relative Strength Index (RSI) has dipped over the past two days, indicating that bulls may not be out of the woods yet.
The silver price must clear $70.00 for a bullish resumption, and if it does, it will expose the high of the day at $71.12 and then the $72.00 milestone. Above this level sits the 200-day Simple Moving Average (SMA) at $72.48.
On the other hand, the path of least resistance in the near-term is a break below $66.00, which could prompt a test of the $65.00 mark and then the 50-day SMA at $61.44. If this happens, the $60.00 psychological level will be below.