Silver Price Tumbles Six Percent in Weekly Rout

The price of Silver has taken a hit in recent days, experiencing a six-percent weekly rout that's left many investors bearish on the metal. The Relative Strength Index (RSI) remains below its 50-neutral level and is getting close to oversold territory, indicating that sellers are still firmly in control.

The first support for XAG/USD is $60.00, but if that breaks down, Silver could plummet to the August 3 low of $56.57 or even the year-to-date (YTD) low of $54.77.

However, there's still a glimmer of hope for bulls, as they'll need to push Silver back above its 50- and 100-day Simple Moving Average (SMA) before it can even think about reaching the $65.00 level.