The price of %Silver has fallen to an eight-day low of $22.43 U.S. per ounce and is approaching a key support level that suggests further declines are on the way.
Technical analysts point to Silver dropping to multi-year lows if the price falls below $22 U.S.
A rebound above $23 U.S. could see silver challenge the $23.30 U.S. resistance level. However, it is not clear if silver’s price has bottomed yet.
Silver’s price has slumped in recent days as U.S. Treasury bond yields creep higher, with the yield on the benchmark 10-year note currently at 4.307%.
In recent days, Silver’s price has fallen below its 50, 100, and 200-day moving averages. Silver hit a 52-week low of $20.69 U.S. an ounce on Oct. 3, 2023.
The metal has struggled as expectations for interest rate cuts in the U.S. get pushed back and bond yields rise.
Poor sentiment and excess supply are also depressing global metal prices currently.
Silver is used both to make jewellery and for industrial applications such as making batteries and electrical contacts.
