Silver was trying to recover from the recent sell-off and was trading nearly 1% stronger during the US session, last seen at around 23.50 USD.
However, the overall situation does not look well as the damage has been done. As a result, the medium and short-term outlooks look bearish, and the long-term trend appears neutral.
The first intraday resistance now stands at today's highs of 23.60 USD, and if broken to the upside, further rally toward the 24 USD level can occur. However, the major medium-term resistance is at 24.50 USD, and silver needs to reclaim that level to improve the overall outlook.
For now, it only looks like a small rally after a big decline, with the bearish trend persisting.
On the downside, bulls will be defending the 23.20 USD support, and if not held, silver will most likely decline toward 23.00 USD.
