Amid ongoing sell-offs, silver lost support near $61.60 per ounce yesterday, leading to a decline toward the support level of $60.80. Upside attempts are currently limited by resistance near $62.40, below which the risk of a retest of the current low remains high. A break of this resistance will lead to an increase toward $62.80–$63.40 per ounce. A break of these local lows will trigger a decline toward the psychological level of $60.00. At this stage, the outlook for the metal is negative.