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18.05.2023 02:50 PM
Technical analysis on Silver for May 18th, 2023.

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Green lines- bearish RSI divergence

Blue rectangle- support (broken)

Yellow rectangles- major tops with same overbought RSI conditions

Silver price is making new lower lows today around $23.36. In previous posts we warned that Silver was vulnerable to a decline towards $24.50 and lower when price was getting rejected at $26. Price has broken below the 38% Fibonacci retracement and is heading towards our next target at the 50% Fibonacci retracement level. On a daily basis the RSI has still not reached oversold conditions. We expect that downside pressures will continue and we should only expect short-term bounces. Next target is at $22.90.

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