Silver Could Fall to $28.49 an Ounce

Bloomberg reported that, according to technical analysis from Commerzbank AG, silver may be in danger of continuing its slide, down another 5.2 percent to about $28.49 an ounce.

As quoted in the market report:

 Silver, which declined 11 percent in the past 12 months, slipped near the 2008-2013 uptrend line currently at about $29.21. Prices will probably fall below that level in “the weeks ahead” and drop toward the July 2012 high of about $28.49, Karen Jones, a technical analysis at the bank in London, wrote in a report yesterday.

To view the whole Bloomberg report, click here.