Silver bounced higher over a weaker US dollar. A bearish MA cross on the daily chart suggests that sellers are still in control of the direction.
Following a brief consolidation, a drop below the psychological level of 22.00 is another confirmation of the downtrend. The metal is heading towards September’s lows around 21.50. This is a major floor to keep the price afloat and its breach could trigger a bearish reversal below 20.00.
On the upside, buyers need to lift 22.45 before they could hope for a turnaround.
