Silver Remains Under Pressure After Testing Key Support at $32.66.

Silver remains under pressure in the trading markets after testing a key support level at $32.66, raising concerns among investors about potential further declines. On Monday, silver traded within a tight range, echoing Friday's market behavior, which saw a low drop to $32.66. This decline completed a significant 61.8% Fibonacci retracement of an internal upswing and found support at the 20-Day Moving Average (MA). The confluence of two or more indicators at similar price levels on the downside often suggests initial signs of support. However, as of this reporting, silver was trading close to the day's lower range, signaling a potentially bearish session. Should silver's price drop below the previous week's low of $32.66, it could trigger a breakdown below the 20-Day MA, paving the way for a test of support around the 50-Day MA, which currently stands at $32.01. Key watch points for support include the 50% retracement level at $32.53, and the 61.8% Fibonacci retracement starting from a low on February 28, at $32.12. Notably, the 50-Day MA is rising and may soon intersect with the 61.8% retracement, indicating possible continued bearish pressures. A rising parallel trend channel in the market chart underscores potential support tests near the lower trendline. The top of this channel has acted as a resistance point in several attempts to break upwards, with a recent attempt at a rally to $34.24 failing to break out. This suggests that bearish movements may persist, potentially testing the lower boundaries of the channel. Despite these developments, the upward trend from the $28.75 December low may still be in early stages, as evidenced by a successful reclaiming of the 50-Day MA in late January. Moving forward, market participants should closely monitor these technical indicators to assess future market movements. Analysis reviewed and informed by artificial intelligence.