Despite having plummeted 27 percent in value last week, silver futures will notch prices of at least $50 per troy ounce, according to Bank of America Merrill Lynch.
"You're still in an uptrend, despite the sharp sell-off" as an intermediate-term trend from the lows indicated on August 24 and January 28, according to Mary Ann Bartels, the head of U.S. technical and market analysis at Merrill in New York, told the news service on Tuesday. "The uptrend was not broken."
At 9:08 a.m. on Wednesday, silver futures dropped 1.16 percent, a 0.46 cent slip to $38.04 per troy ounce.
On April 29, silver futures were on the brink of notching two milestone figures: $50 per troy ounce, which Bartels termed a "very important figure;" and the record price of $50.35 per troy ounce. The last time the precious metal approached those figures was early 1980.
During trading sessions from May 2 through 6, silver futures plummeted in value from $49-plus per troy ounce to about $31, representing the sharpest drop since 1983.
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