XAG/USD falls to $74.74 after breaking key support at $75.77, marking its largest single-day decline in two weeks.
Silver prices tumbled 2.8% on Wednesday, breaching the 50-day Simple Moving Average at $75.77 and clearing the $75.00 level. The move signals a shift in near-term momentum as sellers target $73.00.
The drop follows a period of consolidation above $75.00, with the metal last trading at $74.74 after hitting a daily high near $76.00. Prior to the decline, XAG/USD had held above its 50-day SMA for three consecutive sessions.
Market focus now turns to whether support at $73.00 will hold, with technical indicators pointing to further downside risk.