Silver Hits Range Lows As Hammer Traps Late Sellers

The silver crash

Silver continues to unravel. We flagged the breakdown below the 50-day not long ago (here), and since then the move has accelerated lower, now taking out the 100-day. Price is approaching the longer-term trendline, with the 200-day just below, a level many thought was “impossible” only weeks ago.

The move is being driven by a mix of positioning unwind and broader macro pressure.