FX.co ★ Technical analysis on Silver for May 23rd, 2023.

Green lines- bearish RSI divergence

Blue rectangle- support (broken)

Yellow rectangles- major tops with same overbought RSI conditions

Silver price is under pressure with price approaching our target of $22.90. Price remains in a bearish short-term trend making lower lows and lower highs. Silver has made a low today around $23.06, only 16 cents away from our target.The RSI has still not reached oversold levels in the Daily chart. The 50% Fibonacci retracement is our next support level and target as we mentioned in previous posts. Silver has the potential to decline even further towards the major Fibonacci support level of 61.8% retracement. Resistance is at $23.95 and as long as we trade below this level, near term trend is bearish.