08/10/24

1450

Silver prices have continued to decline for the second consecutive day, showing signs of vulnerability for further drops. After reaching around $33.00 last week, a peak not seen since December 2012, the metal has been under increasing selling pressure, currently dragging it down to approximately $31.00, marking a one-week low.

Technical analysis reveals a bearish multiple-tops pattern developing on the daily chart due to repeated failures to sustain trading above the $32.00 level. Although the oscillators suggest potential downward momentum, they have not yet confirmed a strong negative trend. Traders are advised to monitor closely for a decisive move below the $31.00 threshold, which could signal a further decline.