Blue horizontal lines- Fibonacci extension targets
blue upward sloping line - support trend line broken
Black line- bearish RSI divergence
Silver price bounced towards $24 but failed to form a higher high. Price made a lower high and is now challenging January lows at $23.06. Price is at $23.20 right now with potential moving even lower towards our first target of $22.60 if it breaks below $23.05. Resistance remains at $24 and support at $23. We remain bearish in Silver after the bearish RSI divergence and the break down below the blue support trend line. Bears do not want to see Silver price above $24 as this will cancel the bearish pull back scenario.
