Silver Price Tumbles Over Six Percent in a Week

The price of Silver has dropped over six percent in the past week, leading to concerns about its stability. At $60.50 at the time of writing, it is approaching a crucial support level of $60.00. The Relative Strength Index (RSI) is below its neutral level and closer to an oversold reading, indicating that sellers are dominating the market.

The 50- and 100-day Simple Moving Averages (SMAs), which confluence at $64.06-$64.74, pose a significant barrier for Silver bulls. If the price breaks through the $60.00 support level, it could expose lower levels of $56.57 and the year-to-date low of $54.77.

The weakness in Silver's price is attributed to a combination of factors, including a soft US jobs report and higher US Treasury yields. These developments have led to a depreciation of the US Dollar, which has been capping its upside potential for the week.