Silver, what is going on?

16/03/2021

Silver was down 1.5% on Tuesday, correcting previous gains as the metal seems to be lacking any bullish momentum.

Bulls failed to push the price above previous highs of 26.45 USD, which could be a bad sign for them. Moreover, US yields are down today, and the USD is flat, which should be an "OK" day for metals, but it is not, and silver is under severe selling pressure. 

The support could be seen at 25.80 USD, and if not held, further decline toward previous lows of 25.40 USD could be expected. 

The final support in this downward leg is located at March lows near 25 USD. 

Alternatively, if silver starts rallying, it needs to jump above 26.40 USD to cancel the immediate bearish momentum. The next target could be at 27 USD.

However, since silver made a lower high and sentiment is negative despite lower yields, it appears price wants to go lover, at least from the short-term perspective. 
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