FX.co ★ Analysis of Silver for July 24,.2023 - Potential for the drop

Technical analysis:

Silver has been trading downside this morning and I found breakout of the key support cluster at 24.60, which is good sign for the further downside movement.

Due to the breakout of the support cluster and the breakout of the rising trend-line in the background, I see potential for the further drop towards lower references.

Downside objectives are set at the price of 24.00 and 23.40

Bollinger bands started to expand, which is good sign that volatility is increasing and there is potential for the bigger move.

Resistance level is set at the price of 24.85