Price action this week has seen that market careen sharply lower, including two days in a row of being “locked-limit-down,” meaning that those with bullish bets on the long side were trapped in the price downdraft and unable to exit their major losses.
The yield on the 30-year bond dropped to 2.07%, with investors pulling back their inflation bets after Fed officials signaled two rate hikes by the end of 2023.
Prices have dropped well below the key 200-day moving average and are now trending lower on the daily chart.
Silver bulls’ next upside price objective is closing July futures prices above solid technical resistance at $28.00 an ounce.