Silver to Hit Three-Year Low: Barclays

Bloomberg reported that silver may build another 12 percent on losses on top of its slide so far this year, hitting a three-year low, as it moves into a bearish pennant pattern, according to Barclays.

As quoted in the market report:

Spot silver has moved into a narrowing price band since June 28, when it touched $18.2305 an ounce, the lowest level since August 2010. A close below $19.25 may prompt more selling and pull the metal within a few weeks to as low as $17.50, a level last traded in July 2010, said Dhiren Sarin, chief technical strategist for Asia Pacific in Singapore.

To view the whole Bloomberg report, click here.