On Monday, silver saw a significant drop, breaking below $28.50 in the spot market, while trading in the futures market was limited due to Labor Day in the United States and Canada. With trading activity primarily focused on overnight electronic sessions, the true market sentiment is likely to be revealed once Chicago markets open on Tuesday. The $28.50 level and the 50-day Exponential Moving Average (EMA) are key areas to monitor, with a potential rally towards $30 if the 50-day EMA is breached. Conversely, a break below Monday’s lows could signal a move towards the 200-day EMA around $27.25. The silver market is expected to remain volatile, influenced by various external factors, including the US dollar. For detailed economic updates, refer to our economic calendar.