Silver- Could it drop to 28?

Dec 2

In my previous analysis of silver, I mentioned the potential for prices to drop below the significant $30 level. This scenario unfolded as expected, with prices dipping to $29.66 before reversing and once again hovering around the $30 mark. This area continues to act as a pivotal point for market sentiment.

From a technical perspective, the outlook remains bearish as long as the $31.20 resistance level holds. This level serves as a key threshold, and until it is breached, the strategy should focus on selling into rallies.

A decisive break below the $30 level could pave the way for a move toward the next major support around $28. Such a development would align with my broader bearish view when it comes to precious metals