The precious metal continues struggling and is down more than 15% since April 19th, when the downtrend started. The pair had a good previous session where it managed to gain 1.89%; the price found strong support at $22.128 and is likely to make a breakout attempt on the 23.6% Fibonacci retracement in the short term.
The Bollinger bands are wide which will bring high volatility to the pair, which traded below the lower band, suggesting that the price was relatively low, investors started reacting and boosted the price slightly upwards, not the pair faces a resistance at $23.093 and the next price moves will depend a lot on this breakout.
The relative strength index is at 33% which is very close to entering the oversold status, a recovery is expected from a technical analysis perspective. This RSI level will allow Silver to freely climb and potentially break the resistance. Our parabolic SAR indicator suggests that the price will continue to fall in the short term.
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