Silver plunged below critical technical support levels on Wednesday, trading at $63.63 per ounce as of 09:51 UTC on September 2, down 0.67% intraday and 3.5% from Tuesday’s session. The precious metal has broken through both its 50-day and 200-day exponential moving averages following a failed rally near $72 in late August, triggering a fresh bearish setup that could drive prices toward $45.40, representing a potential 29% decline from current levels.
The reversal follows a sharp rejection at the $70 resistance zone on August 28, a major chart barrier formed by February lows and support levels dating back to early 2026. Immediate support now sits at $61.15, roughly 3.9% below Wednesday’s reference price, with a confirmed break opening downside targets at $55.42 before the longer-term $45.40 level. Market sentiment remains deeply divided, with social media forecasts ranging from bearish sub-$50 predictions to bullish targets exceeding $300 based on physical supply constraints.
FXnCO Insight
Traders should watch for a confirmed daily close below both moving averages and the $61.15 support level to validate deeper downside exposure toward $55 and potentially $45.
Source: Finance Magnates