Silver Price Crashes to $57.10 as Analyst's Bearish Setup Triggers

The price of silver has fallen to around $57.10 on the XAGUSD market after a bearish move was predicted by analyst David via a 'short setup' with a 10-to-one risk: reward potential ratio.

The setup, established on the 30m charts at approximately $59.574, had a downside price target of around $57.060, resulting in a significant profit relative to the risk involved.

Notably, the breakdown was preceded by multiple attempts from sellers to push the price above resistance around $59.57 to $59.82, which ultimately failed and led to an aggressive decline.

The XAG/USD perpetual market data shows that the price has breached key levels, with a bearish sequence of lower highs and lower lows continuing throughout the sessions.