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Silver has been trading downside as I expected and the price has reached two downside objectives at $18.80 and $18.50. Anyway, I still see potential for further drop towards the third target.
Due to the strong downside pressure in the background and breakout of the trend line, I see potential for further drop.
Watch for the potential selling opportunities on the intraday rallies with the next downside objective at the price of $18.00.
MACD oscillator is showing downside reading, which is good sign for further downside movement.
Short-term resistance is set at the price of $19.75
Relevance up to 09:00 2022-09-27 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
