⬤ Silver turned sharply lower after failing to hold above a key retracement level during American trading hours. The rejection at the 38% retracement triggered a strong decline that pushed price toward the 88% retracement of Monday's rally low.
⬤ The chart shows XAG/USD made an attempt to rebound toward the $92.50 region before momentum completely reversed. Once price hit that retracement resistance zone, buyers lost control and sellers stepped in aggressively. The downward move accelerated across sessions, pulling silver back through intermediate Fibonacci levels and into the lower end of the recent trading range.
⬤ Attention now turns to the $73.59 level, which stands out as major support. A confirmed break below $73.59 would open the door to a downside target near $65.35. The swift move from rejection at the 38% level all the way down to testing the 88% retracement shows that selling pressure remains strong while price stays beneath prior resistance.
⬤ This price action underscores how important retracement levels can be in shaping short-term market structure. What happens around $73.59 will likely determine whether silver finds its footing or continues dropping toward deeper targets in the sessions ahead.
