Silver extends weekly losses to over 6% as technical breakdown fuels selling pressure below key moving average support.
Silver prices fell below the 200-day Simple Moving Average, trading near $65.00 and down 2.5% on the day. The decline extends a week-long losing streak, pushing losses beyond 6% as technical selling accelerates.
The breach of the 200-day SMA marks a critical support breakdown, with prices now eyeing the year-to-date low. Prior sessions saw silver consolidate above $67.00 before momentum shifted, driven by broader risk-off sentiment and a stronger USD.
Market reaction remains cautious as traders assess the metal’s next support levels amid heightened volatility.