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Silver dropped below the $55 support level amid increased margin call selling, according to Peter Brandt, founder and CEO of Factor LLC.
Brandt stated that the decline is linked to those who bought silver above $100 and had claimed there was a supply shortage in China. He also highlighted that the lower boundary of a possible wedge may provide support for the metal.
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Brandt previously reported that members of TheFactorReport service were alerted to an upcoming move in Brent North Sea Crude prices. He also recently disclosed a $15 gain in ZMZ26 and a 6 cent loss in ZCZ26, referencing his background in grain trading in a trading results update. These earlier reports reflect his ongoing coverage of commodities markets.