The 14-day Relative Strength Index (RSI) is hovering below 50, indicating a downward trend. If it breaks above 50, it may signal the start of an upward trend.
Meanwhile, the Moving Average Convergence Divergence (MACD) has crossed the signal line, suggesting a possible bullish signal. However, since both lines are below the center line, the overall trend remains bearish. It is advised to wait for further confirmation before making significant trading decisions.
On the support side, silver is testing the upper boundary of the descending triangle near $27.75. If it re-enters the descending triangle, silver could further decline to the $26.60 area or even the May low of $26.02.
On the upside, initial resistance is near the 14-day moving average ($27.78), followed by $28 and $28.60. If it breaks above $28.60, silver could challenge the two-month high of $31.75.
As of 11:10 AM Beijing time on August 15, the spot price of silver is $27.67 per ounce.
