I guess it is official. It seems that the long-term (since 2015) up trendline (black) on the silver is gone. After three very negative weeks, the price finally reached this line and broke it without any hesitation and resistance from the buyers. Tuesday brings us new mid-term lows and it does not look like this downtrend will be stopped anytime soon.
Situation here is very bearish. If we will look a bit closer at the breakout mentioned above, we will be able to see that the demand did not even try to defend this or correct this afterwards. After the breakout, the price formed the rectangle , which is promoting a further downswing. Stronger dollar is the additional factor here but I guess that even without that, we would be able to see a red colour here.
What is next? According to the technical analysis; further drop. We managed to brake all major horizontal supports (green) and a crucial trendline - all that is bearish. Apart from the take profit action, which is probable after such a steep drop, there is no buy signal here whatsoever. Any upswing that will happen here, will be just a correction and most probably will be used by sellers to open new shorts with better prices.
