Silver – New Downtrend
The price dropped below the cloud and broke the uptrend line. From this moment we should consider the market as a bearish one. If the price bounces from Tenkan and Kijun lines and breaks the local support at 15.00 level, a new downtrend will be confirmed. The market will be able to reach 14.00 level which acts as a strong support zone now.
DMI is bearish with ADX line moving upward. It gives a signal that bears become stronger and they will have the power to push the market lower. RSI is far from the oversold zone and it tells us that the market has the space for the falling. Short trades can be opened based on the daily and hourly timeframes.
Source: TW DLavrov