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Silver May Extend Drop as Bear Market Nears: Technical Analysis

Silver may extend this year’s 7.6 percent drop as it nears a bear market, according to technical analysis by Commerzbank AG.

The metal slid to $27.975 an ounce in London today, the lowest since Aug. 20. A close at $28.007 would be a 20 percent drop from Oct. 4, the common definition of a bear market. A slide below $28.26 in the next few days would mean the June 2012 trough of about $26.11 would “be back in play,” Commerzbank said in a Feb. 26 report.