FX.co ★ Silver price action provides bearish signal.

Blue line- support trend line

Black lines- bearish RSI divergence

Silver price has broken the upward sloping support trend line. Price has most probably formed a short-term top at least and we are now in a pull back phase. I expect minimum 2-3 trading sessions of weakness. The bearish divergence by the RSI has already warned us. Yesterday's break below the trend line is a bearish sign that increases the chances of a pull back in Silver prices. At $22.85 we find our first pull back target and next at $22-$21.80. Silver is weak and we prefer to be neutral if not bearish.