See also
05.05.2023 03:08 PM
Green lines- bearish RSI divergence
Blue rectangle- support
Yellow rectangles- major tops with same overbought RSI conditions
Silver made a new 2023 higher high yesterday. The RSI is not following. The RSI is giving bearish RSI divergence signals. This is an important warning. The last time RSI of Silver price was this overbought and turned lower, we were forming a major top back in 2022 and price decline from $26.90 to $18. Silver is under pressure today showing rejection signs when price tried to break to new highs. Silver trend remains bullish as long as price is above the blue rectangle support area at $24.50. A break below this level will confirm a top is in and that trend is reversing to bearish. Bulls need to be very cautious.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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