FX.co ★ Analysis of Silver for September 26,.2022 - Downside targets has been reached, still potential for furher drop

Technical analysis:

Silver has been trading downside as I expected and the price has reached two downside objectives at $18.80 and $18.50. Anyway, I still see potential for further drop towards the third target.

Trading recommendation:

Due to the strong downside pressure in the background and breakout of the trend line, I see potential for further drop.

Watch for the potential selling opportunities on the intraday rallies with the next downside objective at the price of $18.00.

MACD oscillator is showing downside reading, which is good sign for further downside movement.

Short-term resistance is set at the price of $19.75