FX.co ★ Technical analysis on Silver for March 28th, 2023.

Red line- bearish RSI divergence

Blue lines- Bullish channel

Violet lines- Fibonacci retracement levels

Silver is trading around $23.19. Short-term trend remains bullish as price continues making higher highs and higher lows. Silver is trading inside an upward sloping channel. Price has so far retraced almost 78.6% of the entire decline from the February 2023 high. The RSI has already provided us with a bearish divergence. Support is key for the short-term at $22.78. A break below this level would be a sign of weakness and possible start of a pull back. If support fails to hold, we expect price to decline towards $21.70.