Violet lines- Fibonacci retracement levels
Silver is under pressure for a third week. Price is now trading at $22.78. Short-term trend remains bearish as price continues making lower lows and lower highs. Price has just broken below the 50% Fibonacci retracement which was our second target. The RSI has still not reached the oversold area below 30. Next key support and possible bounce level is at the 61.8% Fibonacci retracement level at $22.20. At the 61.8% retracement level we usually see trends pause and a start of a counter trend move.
