Silver plunges below 28.60, support broken

FXstreet.com (Barcelona) - The white metal has been dealt a critical blow Friday as it relinquished its hold on the 29.00 level during European trading as investors mull the situation in Cyprus. With the country trying to secure a bailout, silver spot prices felt the brunt of this movement, trading near an intraday low of 28.57. In these moments, the price of silver has rebounded slightly off its lows to trade at 28.66 per oz. Proponents of silver will look for a recovery up to the 28.80 level, onto the eventual 29.00 barrier for prolonged stability.