Blue line- support trend line
Red lines- bearish RSI divergence
Silver is trading above $24. Medium-term trend is bullish as price continues making higher highs and higher lows since August. Price is now trading at levels not seen since April of 2022. However there are increased chances of a reversal as the RSI is not following price to new highs. The RSI continues to provide lower highs. The bearish divergence by the RSI is an important warning that should not be ignored. This is not a reversal signal, but a warning of a weakening up trend. Support is found at $23.38 and is rising. A break below the blue trend line would be a reversal signal.
Relevance up to 13:00 2022-12-28 UTC+1 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.
