Silver Price Plummets 28% as Bank Short Covering Sparks Manipulation Fears
- Silver Price Crash: On Friday, silver prices plummeted by 28% in a single day, erasing trillions in market value and shocking traders, particularly against a backdrop of tight market liquidity.
- Short Covering Timing: At the moment silver hit its low, data indicated that major short positions were closed almost simultaneously, raising questions about whether large banks, particularly JPMorgan, exploited their market advantages during this critical time.
- Manipulation History: The silver market has a troubled past, with several major banks fined for manipulating precious metals between 2008 and 2016; JPMorgan paid a $920 million fine in 2020 for spoofing, making traders more sensitive to sharp price movements due to this historical context.
- Fragile Market Confidence: Sharp price movements in silver often signal stress in the broader financial system, and with global markets remaining fragile and liquidity tight, such volatility can quickly erode investor confidence, especially in markets dominated by large institutions.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK) As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 11 technical signals, shows that 5 indicators are flashing buy, while 6 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00256 | 0.0161 | 0.0264 | 0.0399 | 0.0502 | 0.0637 | 0.074 |
| Fibonacci | 0.0161 | 0.0252 | 0.0308 | 0.0399 | 0.049 | 0.0546 | 0.0637 |
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