Silver prices surprise with a 5% selloff, but its structural bull market remains in place - analysts

However, while silver could see further selling pressure in the near term, some analysts said its structural bull market remains intact.

"I think it's more likely we will see $30 in silver before we see $20 in silver, but within that range, there is going to be a lot of volatility," he said. Ghali added that a lot of the weakness in silver is the result of new momentum in the U.S. dollar; however, he said that he sees the U.S. dollar index's push to 102 points as short-lived short covering.

Along with shifting positioning in the U.S. dollar, analysts note that recession fears are causing silver to underperform gold significantly. More than 50% of silver demand comes from industrial applications and can be sensitive to global economic weakness.

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