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During today's Pacific session, silver quotes reached the target support at 37.17. Prior to that (yesterday), the price made a strong downward move, breaking through the balance and MACD indicator lines.
The Marlin oscillator had been signaling such a development for several days, as it had already settled in negative territory. After breaking below 37.17, a series of levels opens up for the price: 36.180, 35.858, 35.410, and 34.920. The strongest appears to be 35.410, which served as insurmountable support for all June attempts to break it. This is likely the main near-term target.
On the four-hour chart, the price consolidated below the indicator lines. Before this, preparatory work had been carried out by the Marlin oscillator, which twice reversed downward from the zero line (arrows). Now, after consolidating below 37.170, the price may continue its decline without losing momentum toward the first target level at 36.180.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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