Silver heads for its worst month since 2011
Silver remains under heavy pressure after one of its worst monthly performances in years. A break below key support could trigger another wave of selling.
June is on track to become silver's worst month since September 2011, with prices down more than 22% amid a stronger U.S. dollar, rising Treasury yields, and expectations that the Federal Reserve will maintain a restrictive monetary policy.
Meanwhile, speculative net long positions have declined to approximately 11,700 contracts. This suggests that hedge funds continue to reduce long exposure and lock in profits, although there are still no clear signs of aggressive short-selling.
Silver trades within a key range
On the daily chart, silver has traded within the $57–60 range for several sessions, fully in line with the scenario outlined in our previous analysis.
If the price manages to reclaim $60, the probability of a move toward $63 will increase significantly. This level also coincides with a short-term descending trendline, making it an important resistance area.
The RSI (14) also supports the case for a short-term rebound. The indicator remains in oversold territory and is forming a bullish divergence. However, such signals can persist for an extended period before a meaningful reversal occurs.
Given the bearish sentiment across the precious metals market, traders should pay close attention to risk management. If silver breaks below the $57 support level, the risk of a decline toward the $53–50 range will increase substantially.
Rising ratio keeps silver under pressure
One of the most important indicators for the precious metals market remains the Gold/Silver Ratio. Despite a slight pullback, the ratio is still trading near its recent highs and appears poised to set new local highs in the near term.
This suggests that silver is likely to remain under pressure, as investors continue to favor gold over silver.
Until the Gold/Silver Ratio begins to trend lower, silver is unlikely to outperform gold.
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