Silver Price Reverses, Traders Cautious of Further Downside

Silver has been experiencing significant volatility in recent days, with its price reversing sharply from the $71.00 zone last week.

The metal is currently trading at $64.88, down 2.84% on the day and below its key moving averages.

According to traders' union analysis, bearish technical momentum persists, with strong selling signals from multiple indicators.

The Ichimoku Kijun sits at $65.99, marking immediate resistance, while MACD and ADX are both in Sell mode, RSI has fallen to 29.56 (deep in oversold territory), and both CCI and Bull/Bear Power indicate strong seller dominance.