On Thursday, silver fails to find acceptance above its 100-day simple moving average and moves lower. Breaking below the 38.2% Fibonacci retracement level should pave the way for more intraday losses. A persistent move above the $19.55-60 confluence will be interpreted as a bullish trigger.
We are well below the $18.00 barrier as the price of silver continues to tumble significantly during Thursday’s session. The market has broken through the key support level.
After falling sharply on Monday, silver prices have rebounded somewhat, but frankly, we are at such lows that this is hardly surprising. Now, the question is whether $18 will hold.
The silver market has been quite turbulent throughout Thursday’s trading session, as markets have no notion what to do.