Silver fails at previous highs.

22/12/2020

Yesterday's rollercoaster ride is over, and the metal renewed its plunge, losing 1.5% on Tuesday, trading at around 25.75 USD during the US session.

As long as silver remains below previous highs of 26 USD, the short-term outlook seems bearish. Yesterday's failure to stay above 26 USD could be a bearish signal as well.

The next support seems to be at Monday's lows of 25 USD, which might be the first target for bears. If that level is taken out, we could see a retest of the broken downtrend line, currently near 24.50 USD.

Alternatively, should bulls reemerge today, they need to push silver back above the 26 USD to change the short-term view to bullish. 

The next target would then be at yesterday's highs of 27 USD. 

The medium-term trend is now looking positive if silver remains above 25 USD, and the long-term trend should be bullish due to the huge money printing. 
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