Silver falls to lowest level since July 2020 The price of silver has been on a sharp move to the downside. Since it’s last peak at $26.21, the price has been down 16 of the last 18 trading days. Today, the price made a new cycle low but has seen a rebound and trades higher on the day. The low price today reached $20.46 before rebounding. The price is currently at $20.99 . The run from the high on April 18 to low today subtracted $5.75 from the price or near -22%. The sharply higher dollar along with negative technicals have helped to push the price lower. Technically, looking at the daily chart above, on April 25 the price fell below the converged 100 and 200 day moving averages. Earlier on March 30, the price bounced off its 200 day moving average. The fall below both it and the 100 and 200 day MA turned the buyers to sellers. More recently, this week the price fell below a technical area between $21.429 and $22.01. It would now take a move above that swing area to give the buyers a victory. Absent that and the sellers are more in control. Drilling to the hourly chart below, the trend to the downside has been able to stay mostly below its 200 hour moving average. There were brief move above that moving average on May 5 (on 2 Separate occasions) but those breaks failed and by May 6, the price has moved below the 100 hour moving average and has stayed below that moving average since then. The current 100 hour MA comes in at $21.36. A move above that level, and then the 200 hour MA (blue and green lines) at $21.938, is needed to give the buyers more control. The 200 hour MA is near the high of the swing area on the daily chart at $22.01. Getting above $22.00 is therefore a key target to get to and through on move higher next week. Absent that, and the sellers remain in full control. Silver has trended lower
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