Blue lines- bullish channel (broken)
Violet lines- Fibonacci retracement levels
Silver is trading around $24.65. Price has broken out of the upward sloping channel and is showing reversal signs. So far price has only retraced 23.6% of the entire upward movement. Price is challenging once more the 23.6% Fibonacci level. Price is vulnerable to a move lower at least towards the 38% Fibonacci retracement. At $23.66 is our next target where the 38% retracement is found. This is the minimum expected pull back. Resistance is at $25.30 and short-term trend remains bearish as long as we trade below it.
