Silver has been falling in a channelised manner since the last few months. It has formed a channel within a channel. On the downside, the white metal cracked through multiple previous lows and has reached the lower end of both the channels. It has achieved the medium-term equality target on the downside.
The daily momentum indicator is showing a positive divergence and has triggered a bullish crossover. Thus, unless the recent low of $18.19 breaks, the white metal is expected to show a descent recovery. The key level on the upside is at $21.50.