The precious metal broke four support levels in a very short period. More significantly, it broke the 50% retracement, which often indicates a trend change. The pair has recovered a bit since then, it attempted to break a resistance level, but it did not consolidate.
The next problem that silver faces is that if the price manages to break the 50% retracement resistance, it will be inside the Ichimoku cloud, which usually brings uncertainty to traders.
The Bollinger bands are opening; this will bring higher volatility in the upcoming trading sessions. It is likely for the pair to recover after trading so close to the lower Band. The relative strength index came close to an oversold status; it is recovering and currently at 36%, which will enable the price to start climbing soon.
If the price falls below the 61.8% Fibonacci retracement, we could be looking at the beginning of a downtrend for the metal.
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