The precious metal has been bleeding non-stop since June 2021; it showed some signs of potential recovery; however, the commodity has not been able to reverse the downtrend.
From a technical analysis point of view, the price just hit bottom as the relative strength index is currently oversold at 28%. The price trades closer to the lower Bollinger band, suggesting that the price is very low. Some investors might want to buy the potential dip, which would help Silver get out of its current hole.
The Bollinger bands are wide, and volatility should be higher; the bands are opening up aggressively, particularly the lower band; this often suggests a downward trend, but could this be the bottom?
We can't tell for sure, but Silver could see the light at the end of the tunnel very soon based on our technical indicators.
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