Bloomberg reported that, according to technical analysis from Commerzbank AG, silver may be in danger of continuing its slide, down another 5.2 percent to about $28.49 an ounce.
As quoted in the market report:
Silver, which declined 11 percent in the past 12 months, slipped near the 2008-2013 uptrend line currently at about $29.21. Prices will probably fall below that level in “the weeks ahead” and drop toward the July 2012 high of about $28.49, Karen Jones, a technical analysis at the bank in London, wrote in a report yesterday.
Get Our Expert Guide to Silver Investing FREE!Download this FREE Special Report, When Will Silver Go Up: Is the Highest Price of Silver Still to Come?