On the chart, is it materialized with the downside (in blue) and the mid and long terms moving averages (MA100 and MA200), still .
At the current price level, the buying forces are facing a triple barrier :
- the previous top at 1263.87$
- the presence of the MA200 (light blue)
- the downside
The following strategy can be put into action :
- sell short at the current price (1243$ approximately)
- stop @ 1268$ or above
- target @ 1200$
Reward/Risk ratio = 1.72
Do not hesitate to give your opinion about this precious metal in comments
The bearish divergence on the RSI for silver is good indication of that phenomena (gold is the red line on that last chart, as to show the obvious correlation between the two metals even on the very short term).