Silver prices rose in the intraday levels and short term trading as they try to recover some of their past losses in the short term, with ongoing negative pressure from the SMA50, while the metal settled below the important pivotal resistance of 15.05, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 13.63 to 15.93), while noting that with the latest surge, relative power indicators have reached extremely overbought levels, while emitting consecutive negative signals.

Therefore we expect the white metal to depreciate in the coming trading, targeting the support of 14.50, representing the ratio 61.8% of the same retracement levels mentioned earlier.

Trend Bearish