Silver (CME) (Z3) intraday: the RSI is oversold
Our pivot point stands at 23.12.
Our preference: short term rebound towards 23.58.
Alternative scenario: below 23.12, expect 22.97 and 22.88.
Comment: the RSI is below 30. It could either mean that prices are in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Silver (CME) (Z3) stands below its 20 and 50 period moving average (respectively at 23.36 and 23.58). Finally, the Silver (CME) (Z3) is trading below its lower Bollinger band (standing at 23.29).
Supports and resistances:
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