[DigitalToday reporter Yoonseo Lee] Silver prices have slid to $73 an ounce, putting the focus on a key support level at $71.

BeInCrypto, a blockchain media outlet, reported on May 28 that spot silver fell about 2 percent on the day to trade near $73, with the market watching whether the $71 support level holds.

This zone carries significance beyond a simple price floor. On daily charts, $71 overlaps with both a recent low and a level that reconfirms a downtrend line broken on May 7. If the level holds, silver could still retest resistance at $83. If it breaks, $69, a long-term 0.618 Fibonacci retracement area, could emerge as the next support.

Technical indicators are sending the same signal. The daily relative strength index (RSI) is testing an uptrend line around 43 that has marked the starting point for rebounds during declines since late March. If a clear rebound signal appears in that zone, a structure that moves from neutral to bullish could be maintained. If the trend line breaks, it would mark the first failure of momentum defense that has held for the past two months.

The short-term picture is weaker. On the 4-hour chart, Bollinger Bands are widening sharply, increasing downside volatility. The latest 4-hour close was $73.16, and the lower band has moved down toward $72. That area nearly overlaps with a recent low. The price already slipped below the middle band on a 4-hour basis on May 27, and a sideways move that had continued near $76 has also broken. Selling has since driven the trend on a closing-price basis.

The 4-hour RSI has also fallen to 36, moving into a short-term bearish zone. For selling pressure to ease, the price would need to climb back above $76.

The macro environment is also weighing on silver. After the U.S. April consumer price index (CPI) came in higher than expected, expectations for a June rate cut fell from 48 percent to below 8 percent. The shift boosted the dollar and pressured metal prices, which are traded in dollars. Expectations for talks between the United States and Iran also eased oil prices, weakening safe-haven demand for silver this week.

Pressure from the demand side has also added to the burden. As market attention shifts back toward industrial demand, manufacturing indicators remain weak.

Ultimately, some observers say the near-term direction depends on which of two technical thresholds breaks first. If the daily RSI uptrend line holds and the $71 price support remains intact, there is still room for a rebound. If either one breaks, downward pressure could intensify. The market has entered a phase of checking whether buyers will defend $71 or whether the correction will extend to the $69 area.