The price of silver is under intense pressure today, tumbling $6.55 or -7.84% to $76.90. The sharp decline marks the largest one-day percentage drop since March 3, when the metal fell -8.15%, and reflects a dramatic shift in momentum after silver once again failed near a major resistance target around the $90 level.
That $90 area has been an important technical ceiling for the market. It represents a swing high going back to March 10, and traders were watching closely this week to see if buyers could finally force a sustained breakout. On Wednesday, the rally extended to $89.37 — just shy of that key target — before momentum stalled. The inability to get to and through the $90 level opened the door for profit-taking and aggressive selling pressure, and sellers have taken full advantage in today’s trade.
The downside momentum accelerated after the price broke below its 100-day moving average, which currently comes in at $80.94. That moving average had acted as a key support level during prior pullbacks, and the break below it shifts the technical bias more firmly in favor of the sellers. In many ways, the 100-day moving average now becomes the market’s key barometer. If the price can remain below that level, sellers maintain control and can continue to press the downside momentum. However, if buyers can reclaim the moving average and push back above it, today’s selloff could start to look more like a shakeout than the start of a deeper correction.
With the break below the 100-day moving average now established, traders are turning their focus toward the next major downside target near the 50% midpoint of the rally from the April 7, 2025 low. That midpoint level comes in at $74.99 — call it $75.00. Midpoint retracement levels are often important battlegrounds during trending markets because they help determine whether a move is simply a correction within a broader uptrend or the beginning of something more bearish.
If sellers can force the price below the $75 area with momentum, it would strengthen the bearish technical outlook and likely open the door for a deeper retracement. The next key downside target below comes at the April 29 swing low near $70.86. A move toward that level would represent a much larger unwinding of the powerful rally seen over recent months.
For now, the sellers are clearly making a play after the failure near $90 resistance
