Silver has failed to close a 1D candle over the 1D MA50 for four straight sessions and as it previously did on the 1D MA200, this is a bearish signal. Its confirmation is the 1D MACD that formed a Bearish Cross and each time the market has done so since April, inside this long term Channel Down, a new Low was made.
Even the 1D technical outlook just turned bearish (RSI = 44.205, MACD = -0.090, ADX = 34.407) and today's late session rise gives us a better opportunity to enter a short and target the top of the S1 Zone (TP = 20.850).
See how our prior idea has worked:
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