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Technical analysis:
Silver has been trading downside as I expected and the price has reached two downside objectives at $18.80 and $18.50. Anyway, I still see potential for further drop towards the third target.
Trading recommendation:
Due to the strong downside pressure in the background and breakout of the trend line, I see potential for further drop.
Watch for the potential selling opportunities on the intraday rallies with the next downside objective at the price of $18.00.
MACD oscillator is showing downside reading, which is good sign for further downside movement.
Short-term resistance is set at the price of $19.75
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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