Silver retested resistance at $70 per ounce overnight. But having failed to take this out, sellers emerged and drove the precious metal back down towards $67.50 in the space of a few hours. Silver does look vulnerable should selling pressure start to build from here. The next obvious area of support comes in around $65 per ounce. But a quick scan of the charts shows that $60, or even $55, appear to be far more significant support levels.
Source: TN Trader
If silver did pull back that far, the big question would be if there were any buyers left brave enough to attempt to try and push prices back up? As with gold, traders will keep a close eye on the US dollar, and how it reacts to tomorrow's inflation update and Friday's speech from Fed Chair Kevin Warsh.
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