Silvers bearish divergences
I see bearish divergences building on the the hourly chart of silver as it moves its way far up into the apex of the rising wedge. This leads me to believe this move up is exhausted, barring any news that will be a catalyst for further upside. The MACD shows bearish divergence and so does the RSI. The pullback will be a very key determinant in regards to silvers low. The 3 key levels marked by horizontal supports on the chart will produce some bullish signals if they hold. Roughly $22.18 and $22.07 will act as a higher low if one of them decides to hold. The last line marking the recent low of silver as of late. A move towards that line will be a little worrisome since it was tested twice already. I do not see a convincing rally as of late , not to mentions golds struggle to stay above 1800. A break of $1860 gold will for sure signal another leg up in metals is about to happen. My views do not mean I believe that silver is about to crash, although that may be an actual scenario. Keep an open mind and happy trading.
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