Saad Ullah
⬤ Silver prices just went through a wild ride, dropping hard from around 110-120 all the way down to the low-80s in what's been one of the nastiest selloffs we've seen lately. After that brutal drop, the metal spent some time bouncing around sideways before trying to push back up. Market watchers are saying there might be at least one more bounce left in the tank, even though nobody's really sure if this thing can keep climbing from here.
⬤ The charts tell the story pretty clearly - tons of selling pressure came through during that drop, with trading volume spiking to show just how many people were hitting the exits. Once silver hit those low-80s levels, things calmed down a bit as buyers and sellers started wrestling for control. There was another dip down toward the mid-70s that got bought back up to where it had been consolidating. Right now it looks more like the market's catching its breath rather than actually turning around for real.
⬤ A lot of folks are still talking about that psychological $100 mark, but it's more of a reference point than anything concrete right now. Sure, silver could potentially work its way back up there, but there's no clear roadmap showing when or how that might happen. The price action isn't showing any strong reversal signals yet - it's more like uneven, choppy movement after that bounce attempt.
⬤ This matters for anyone watching the metals market because silver tends to be a pretty good gauge of what speculators are thinking and feeling in the short term. When you get these violent drops followed by partial recoveries, it usually means more volatility is coming and makes it harder to figure out where things are actually headed. With silver still cooling off after that steep dive, what happens next could tell us whether we're stuck in a sideways range for a while or if the metal's ready to pick a direction and run with it.
Saad Ullah
