The precious metal took a big hit in recent days where it lost 6.8% in only three trading sessions; for the last three days, it has been closing up with gains, although not very significant (1.9%) they are setting Silver on the right track for a recovery.
The Bollinger bands are wide and continue to open up, signifying possible reversal. The pair is now facing a big challenge; to break the resistance at the 23.8% Fibonacci retracement of $23.621. It might take a few sessions before the price gets a change to a breakout.
The moving averages continue moving down; however, the gap between the lines is decreasing. We could see a cross indicating an uptrend very soon, as long as the price continues to move up.
The relative strength is recovering from an oversold status; this helped stop the price from falling even more; current RSI is at 36%, allowing Silver to move up in short to mid-term.
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