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Red line- bearish RSI divergence
Blue lines- Bullish channel
Violet lines- Fibonacci retracement levels
Silver is trading around $23.19. Short-term trend remains bullish as price continues making higher highs and higher lows. Silver is trading inside an upward sloping channel. Price has so far retraced almost 78.6% of the entire decline from the February 2023 high. The RSI has already provided us with a bearish divergence. Support is key for the short-term at $22.78. A break below this level would be a sign of weakness and possible start of a pull back. If support fails to hold, we expect price to decline towards $21.70.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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