Silver Price Remains Stuck in a Bearmarket, Set to Make New Lows Soon

Silver remains stuck in a bearmarket and looks set to make new lows soon, for the same reasons as gold: gathering deflationary forces and continued unwinding of the global carry trade leading to a continuation of the dollar spike, which, as set out in the Gold Market update, could see the dollar index reach as high as 120 and in extreme circumstances even higher.
On its 6-month chart we can see how silver broke lower again on Friday, beneath potential trendline support at the same time as gold breached a support level and dropped sharply. The overall tone of this chart is negative with the price beneath both its main moving averages, which are bearishly aligned.