Key Takeaways:
- Silver spot fell 3.64% to $74.16, breaking below its near-term channel support
- Bears target the $73.00 level as the next downside pivot
- 52-week range: $32.70 – $121.58 | YTD: +4.01%
Back
Silver breaks channel support at $74.16, bears target $73.00 level
Silver fell 3.64% to $74.16 an ounce, breaking below its near-term channel support as sellers target the $73.00 level.
"The breakdown below channel support opens a clear path toward $73.00, with the next structural floor near the $70.00 handle," said a precious metals strategist tracking COMEX positioning.
The decline from yesterday's $76.96 close marks the largest single-session drop in three weeks, according to TwelveData. Silver has swung between an intraday high of $121.58 on Jan. 29 and a low of $32.70 on May 29, 2025, over the past 52 weeks. The metal remains up 4.01% year-to-date despite the pullback.
A confirmed daily close below $73.00 would open the door to the $70.00 handle, a level not tested since early April. The weekly COMEX positioning report due Friday will provide the next read on speculative positioning after the breakdown.
Channel Break and Key Levels
The channel support that held for the past six sessions gave way during early New York trading, with silver printing a low of $73.85 before a modest intraday bounce. The $73.00 level now acts as the immediate downside pivot, with $70.00 representing the next structural support zone.
On the upside, the broken channel floor near $75.50 has flipped to resistance. A recovery above that level would negate the near-term bearish setup and shift focus back to the $77.00-$78.00 range.
Broader Precious Metals Context
Gold tracked lower alongside silver, falling 2.17% to $4,409.74 an ounce as the dollar strengthened following a hotter-than-expected U.S. CPI reading. The gold-to-silver ratio widened to 59.5, reflecting silver's sharper relative decline.
Platinum fell 2.48% to $1,915.58, while palladium edged up 0.11% to $1,389.93, according to TwelveData data.
This article is for informational purposes only and does not constitute investment advice.
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