FX.co ★ Silver breaks bearish channel.

Green lines- bearish channel

Silver price recently made a low at $18.10 but now is trading above $20 after having broken the bearish channel its been in since March. The decline from March highs is most probably complete. Traders should expect at least a counter trend bounce which we believe has already started and the confirmation was the break of the bearish channel. So far price has retraced only 23.6% of the entire decline from $26.90. Our next bounce target is at $21.50. The RSI has still room to the upside and that is why we believe this bounce is not over.