Silver Prices Plummet After Crossing Below Key Pivot Level

Silver prices have taken a sharp hit on Tuesday, plummeting after crossing below the $66.87 short-term pivot level. This level is now acting as resistance for silver.

The sell-off has created significant downside momentum, which could drive XAG/USD to the intermediate 50% level at $62.98. Traders may be on the lookout for a possible technical bounce if this price is reached, but failure to hold above it could lead to further declines, potentially extending into the 50-day moving average at $61.51.

The major support area for silver lies between the record high's 50% level of $60.835 and the more-than-one-month low of $54.78.

The jobs data scheduled for release on Friday is currently dominating market sentiment, with Warsh stating that a firm payroll number with stronger wages would put additional pressure on rate hikes, weighing heavily against silver prices.