In recent weeks, Silver has experienced a sharp decline of $5, marking around a 15% drop. This significant downtrend has been driven primarily by the strength of the U.S. dollar. The dominance of sellers in the market is underscored by a classic Death Cross pattern, where the 20-day moving average (MA) has fallen below the 60-day MA, signaling a strong sell-off. Despite this bearish pressure, Silver's lower price levels have attracted short-term buyers, who managed to push the price back up above $30.90, aligning with the 23% Fibonacci retracement level. This bounce indicates a potential corrective rally that could continue to the $31.55 area, corresponding to the 38% Fibonacci retracement. If this level is tested, it may offer an attractive entry point for short sellers looking to capitalize on the broader downtrend.
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