18.05.202314:50 Forex Analysis & Reviews: Technical analysis on Silver for May 18th, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Green lines- bearish RSI divergence

Blue rectangle- support (broken)

Yellow rectangles- major tops with same overbought RSI conditions

Silver price is making new lower lows today around $23.36. In previous posts we warned that Silver was vulnerable to a decline towards $24.50 and lower when price was getting rejected at $26. Price has broken below the 38% Fibonacci retracement and is heading towards our next target at the 50% Fibonacci retracement level. On a daily basis the RSI has still not reached oversold conditions. We expect that downside pressures will continue and we should only expect short-term bounces. Next target is at $22.90.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.