Silver Price Analysis: Sharp decline, slow retracement, more decline on the cards

• Silver prices have collapsed along with the price of gold.
• The market reacting well to the COVID vaccine news that pushed risky assets sharply higher.

Meanwhile, the technical picture is clear. 

The price has dropped heavily clearing out the weaker hands and most likely discouraging specs from entering again so soon. 

There is evidently a reluctance to buy considering the pace of the correction and this is where another downside opportunities could arise once again.

The following illustrates where the opportunity could come from within a continuation of the current correction:

Monthly chart

Against the market's bias and the dominant lower real yields narrative, the price could be shaping up for a downside extension considering there has been enough of a correction already.

Moreover, the price is struggling to break beyond the resistance structure. 

Weekly chart

Meanwhile, a break below and close below the current weekly support at the end of this week would open scope for a downside continuation.

Daily chart

From a daily perspective, again, there is a bearish bias below the structure. 

4-hour chart

There is still work to do.

The price needs to retrace to at least a 38.2% Fibonacci before resistance is fully tested. 

MACD remains bullish while above the zero-line, so there is no bearish confirmation as of yet. 

Bears, whoever will want to see the price start to consolidate below a newly formed bearish structure for while MACD will track and, eventually, confirm a bearish setup.