I noticed that silver has sharply declined over the past few days, reaching its lowest levels in two weeks at $73.35, and the market is now fully focused on the major central banks' decisions this week. The pressure on silver is very clear – when central banks move toward tightening monetary policy, non-yielding precious metals suffer, and the geopolitical situation in the Middle East hasn't helped much despite rising oil prices.

From a technical standpoint, the bears are completely in control of the market. The Relative Strength Index (RSI) is around 35, and the MACD is negative, with downward pressure continuing. They broke the $74.70 level (Fibonacci retracement 38.2%), and the next target is very clear – the $72.60 zone (April 12 low) or even $72.12 (Fibonacci level 50%). If silver continues to decline, the psychological level of $70.00 may be on the table.

On the other hand, any potential rally may face strong resistance at $74.70, then $76.60 and $78.50. But the downtrend since mid-April is very clear, and silver needs a fundamental change in global monetary policy to reverse the trend. Everything indicates continued downward pressure in the coming period.