After a strong decline for two days, silver is likely taking a pause that could last for several days. Let’s explore the charts from different perspectives.
The candle that formed today could be viewed as a Bullish Harami and also as a consolidation candle.
– If silver makes tomorrow a green candle that closes above $23.675, there is a good chance for a mini rally towards $24.20 or even higher.
– Any other candle would likely mean that the metal is resting before taking price further down.
From the technical perspective, a 50/200d MA bearish cross does not add a lot of bullish confidence. The other indicators also point down.
The RSI, though, is oversold and this factor would support a mini-rally to get the RSI reset before going lower.
There is a significant damage on the monthly and weekly frames. Until we see at least a weekly bullish candle, there is nothing bullish in the picture.
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