The failure of the silver price to make a break above $ 22.00 at the beginning of the week started the bearish trend, which this morning formed a new lower low at $ 20.75. Early this morning, the price of silver broke the support to $ 21.00 and fell to $ 20.75. The pressure on the price is still very present on the chart, and we will likely see the continuation of the bearish trend towards the $ 20.50 level. A break below this level brings us down to the May support level at $ 20.42. For the bullish option, we need a new positive consolidation and a return above the $ 21.00 level. It is then necessary for the price to remain at that level, forming a new higher low from which a new bullish impulse would begin. Potential higher targets are $ 21.25 and $ 21.50 levels.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.