Silver has been a topic of interest in the financial markets recently, particularly due to its recent downward trend. Despite the steep trend line remaining intact, silver has breached both its 8-day and 50-day moving averages, with the latter sitting around $60. This is a cause for concern as it could potentially signal a shift in market sentiment.

To put this into perspective, since the squeeze began, silver has only closed below its 8-day moving average once before this recent down candle. Additionally, the 50-day moving average is currently near $60, and the 200-day moving average sits at $44, providing a clear indication of the short-term make-or-break level.

It’s worth noting that this downtrend has only occurred once since the melt-up began, highlighting the resilience of silver’s bullish trend. However, it’s crucial to keep a close eye on price action and any potential support levels as we approach the short-term make-or-break level around $75.