Silver Price Tumbles Below Key Support Level

The silver price plummeted sharply during its latest intraday trading session, breaking below the $65.00 support level that was previously identified as a target in our previous analysis.

This downward move was triggered by the breakdown of a key bullish trend line on the short-term chart, coupled with the continued negative pressure exerted by silver's trading below its EMA50 (Exponential Moving Average 50-day).

The momentum indicators are also signaling further downside moves in the coming period, as the relative strength index has emerged from its oversold conditions and is now showing bearish signals.