Anna 
Silver (Silver/USD) experienced heavy selling pressure for the second consecutive day on Wednesday, plunging to a new one-week low early in the European trading session. Silver is currently trading in the range of $22.60 to $22.55, marking a 1.30% decline for the day, and its outlook appears susceptible to further declines.
From a technical standpoint, the recent inability to surpass the 200-day Simple Moving Average (SMA) and resistance near the $23.60 to $23.70 supply zone has formed a bearish multiple top pattern. Additionally, the oscillators on the daily chart are once again showing signs of turning negative, reinforcing the likelihood of a downward trajectory for Silver/USD.
If selling pressure persists and Silver breaches the swing low near the $22.45 level from last week, it could pave the way for further losses. The next potential support levels include $22.00, followed by the $21.70 horizontal support zone and the $21.35 to $21.30 range. A continued downward trend may push the white metal closer to the $21.00 level and potentially down to the $20.70-$20.65 area, matching the seven-month low reached in October.
Conversely, the $22.75-$22.80 range now serves as a short-term resistance, with $23 as a psychological round figure. The next significant barrier is positioned around $23.25, aligned with the 200-day Exponential Moving Average (EMA). Should Silver/USD succeed in breaking through the robust $23.60 to $23.70 resistance zone, it would signal a fresh bullish trigger, opening the door for further upside potential.
