Silver Prices at Risk as Sell Momentum Intensifies

Silver prices have been on a downward trend since April, falling 19% in USD terms due to weakened demand and a broad retreat of precious metals. The recent decline has led participants to reassess their trading positions across the sector.

The current price of silver is $61.23, with technical indicators showing strong sell momentum. The Ichimoku Kijun resistance sits at $62.51, but sellers are expected to challenge key support at $58.78 in the near term.

According to tradersunion.com, there's a 68% probability of further downside, with only a 32% chance of a sustained upside recovery in the next few days. A rise above $62.51 could signal a bullish reversal, while a break below $58.78 would reinforce sell momentum.