Silver recoups some losses as the US dollar takes a breather. On the daily chart, the price has struggled to lift offers around the 30-day moving average, suggesting prevailing selling interest. A drop below 20.90 has invalidated the mid-June rally. As buyers seek to bail out, the path of least resistance could be down. May’s low at 20.50 is the last support and its breach could trigger a broader sell-off towards 19.00. On the upside, 21.50 is the closest resistance and the triple top (22.00) a major level before a recovery could happen.
