Currently, the metal is testing the medium-term uptrend line, which is near 23.50 USD. That is the key short-term support, and if the price drops below it, the medium-term bearish trend could be renewed, targeting the November lows of 22 USD.
Breaking below the 22 USD level would confirm the bearish bias, targeting the psychological level of 20 USD in the next bearish wave.
Alternatively, the resistance is now at last week's highs near 24.40 USD, and if silver manages to jump above this zone, further gains toward 25 USD seem likely.
We must say that the fundamental situation appears very bullish for metals, with both gold and silver usually rising during the winter months (December and January). Therefore, we expect gains over the next weeks, but so far, the chart is saying otherwise.
