Silver is on a neutral 1D technical outlook (RSI = 45.485, MACD = -0.282, ADX = 24.810) as despite a straight downtrend since December 22nd 2023, it has registered three successive green 1D candles that pushed the price over the LH trendline of the December 4th 2023 High and the 0.382 Fibonacci retracement level. Technically, if the price stays over the LH trendline, it is a buy as every time it breached the 0.382 Fibonacci level, it rebounded over the 0.5 Fibonacci again (our TP = 23.750), except for September 29th 2023. Consequently if it crosses back under the LH trendline again, we will short and target the long term HL trendline (TP = 21.200).
See how our prior idea has worked out:
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