Silver's price plunged on Thursday amidst a risk-off impulse, reinvigorating the US Dollar.
Silver prices see a significant drop to $24.75, shedding over 3% in response to a strengthening US Dollar. Technical analysis reveals a bearish engulfing pattern, despite a recent 'golden cross', signaling mixed signals for traders. The RSI indicates diminishing buying pressure, hinting at a potential bearish swing. Silver's price plunged on Thursday amidst a risk-off impulse, reinvigorating the US Dollar. Consequently, the grey metal dropped more than $0.70, or 3.
However, the RSI's descent from higher levels suggests that momentum might wane, and bears could gain ground. The recent pullback has seen the price retreat from resistance near the $26.00 mark. Immediate support is found near December’s 22 high turned support at $24.60, followed by the $24.00 level. A breach of the latter could open a path towards the $23.00 area, marked by the previous cycle lows. On the other hand, an XAG/USD daily close above $25.
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