Black lines- bearish RSI divergence
Violet lines- Fibonacci retracements
Silver is trading around $23.37 and is showing signs that the up trend from $17.52 is most probably complete. So far price has pull back towards the 23.6% Fibonacci retracement at $22.71, Silver has been giving bearish RSI divergence signals suggesting a pull back is imminent. Support is the recent low at $22.71. The formation of a lower high two days ago suggests that price is vulnerable to another sell off. Confirmation of this will come with the break below $22.71. Next downside target is the 38% Fibonacci retracement at $21.83. As long as price is below $24.11 short-term trend will be vulnerable to more downside.
