The precious metal is on a downward trend since mid-November, it broke the 50%, 38.2%, and 23.6% Fibonacci retracement in less than 15 sessions, the pair continues to fall and it could reach the support at 21.445 in the next few days.
The Bollinger bands are wide and pointing downwards, indicating that the price could continue falling in the short term, the price is not yet considered relatively low as the lower band is still below the current price line, this tells us that the price could potentially reach the mid 21 levels in the short term.
The relative strength index is at 31% which is very close to the oversold status; the price could bounce once it gets closer to the support level on the previous low for the year at 21.445, this will allow Silver to begin a recovery, but we would have to wait and see if the support is strong enough to hold the dive.
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