The precious metal has been on an uptrend for the last 9 sessions, it managed to recover more than 9%, the price found a few pullbacks but continued the uptrend. Silver is about to attempt a breakout on the resistance level at $24.23 which is our 38.2% Fibonacci retracement.
The Bollinger bands are opening up aggressively but not fast enough to allow the price to continue rising, the pair trades way above the upper band, suggesting that the price is relatively high, which will likely bring the price down in the short term.
The relative strength index is at 68%, if the price continues to rise in the day, it will enter an overbought status that could push the price down in the short term, once the price makes the correction then the uptrend could continue.
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