Silver is trading around $24.92. Last week price made a new higher high at $26.04. The RSI formed bearish divergence with a lower high. Price has now broken below the lower channel boundary. Short-term support is broken. Price has provided our first reversal signal. Price has started making lower lows and lower highs. Price is vulnerable to a move towards $24.59 where we find the first Fibonacci retracement level (23.6%). Our primary pull back target is the 38% retracement at $23.70. This is not the time to be bullish Silver. Traders better wait for a pull back and maybe the formation of a higher low.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- bullish channel
Silver is trading around $24.92. Last week price made a new higher high at $26.04. The RSI formed bearish divergence with a lower high. Price has now broken below the lower channel boundary. Short-term support is broken. Price has provided our first reversal signal. Price has started making lower lows and lower highs. Price is vulnerable to a move towards $24.59 where we find the first Fibonacci retracement level (23.6%). Our primary pull back target is the 38% retracement at $23.70. This is not the time to be bullish Silver. Traders better wait for a pull back and maybe the formation of a higher low.
The material has been provided by InstaForex Company – www.instaforex.com
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