Silver's price is approaching a key area that may determine its direction in the short-mid term.

Taking a look at Silver as its price is approaching a key area that may determine its direction in the short-mid term. Currently trading at around $23.92 an ounce, it is approaching the support of $23.87. The price momentarily dipped below this support earlier today, but it is important to see where to daily candlestick will close. If the price closes below the trendline support of the triangle at the end of today’s trading session, then this could be an indication that it will continue falling. In this scenario, we would then look towards the support levels at $23.59 then at $23.40, and then at $23.21. A move below $23.21 could see the price of silver fall as low as $22.70-$22.90. If consolidation takes place, we can see resistance currently at $24.02 and then at $24.15 (along the upper trendline of the triangle). A break and close above $24.15 would potentially create a setup for a move towards $24.52. Looking at the technical indicators, MACD is still positive but the volume seems to be lowering and RSI is neutral but faltering as it now reads 49.