During the early trading hours on Tuesday, the silver market experienced a slight decline, mainly due to the persistent resistance observed around the $32.50 mark. This level has served as strong resistance on multiple occasions and holds significant market relevance. Crossing above this level could trigger increased participation in Fear of Missing Out (FOMO) trading by investors. In the short term, potential retreats may lead to a downturn towards the $30 level, where the 50-day Exponential Moving Average (EMA) is currently positioned. The $30 level is a key psychological milestone, likely to attract attention as a possible support zone. Silver prices are influenced by risk appetite, and a significant drop in risk appetite could lead to a decrease in silver value. Moreover, a strengthening US dollar often exerts downward pressure on silver prices since it is considered an industrial metal. Besides interest rates and currency factors, silver’s demand in industrial applications also impacts its value. The current market situation suggests a potential formation of a major double top pattern, although the outcome is uncertain. Alternatively, prices may consolidate in the near term before resuming an upward trajectory. The future trajectory of silver prices will also hinge on various economic events, which can be tracked through the economic calendar.