The precious metal is now considered to be on a downward trend as the key support level has been broken.
It looked like Silver would be able to make a comeback when it struggled to break the 50% Fibonacci retracement on an uptrend as this is usually a strong support level; however, the price was able to revert that and broke three retracements on a downtrend; 50%, 61.8%, and 24.8%.
The price has been able to recover some of those losses in the last two trading sessions, and it is currently at $25.23. We will likely see the beginning of an uptrend as the price is considered relatively low since it traded below the lower Bollinger band; the bands are opening up, which will bring higher volatility to the pair in the short term.
Silver is now aiming to reach the resistance level at $25.677, which is the 61.8% Fibonacci retracement. The relative strength index is at 37%, and this will allow the metal to continue climbing after finding support at $24.763.
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