Silver Chart Update: Has the Correction Ended?

After peaking in mid-October, the silver price began a significant correction, which quickly brought it back below 50 US dollars, moving below the red line. The psychological level of 45 USD and the two clearly identifiable blue support lines have so far prevented a further decline.

It is positive to note that both average lines continue to rise.

Regarding indicators, the MACD and DMI generated sell signals around October 20. The MACD has already fallen very low and could soon be facing a buy signal – for this, the blue line would have to cross the red one upwards again. The DMI remains negative, but the trend strength (blue line) of the current tendency no longer shows an increase. The Overbought/Oversold indicator, by trading near its six-month lows, also points to a possible end of the downward momentum.

Overcoming the red downtrend line would be the signal for a renewed move into higher regions.

Silver Chart with Indicators — *Source: Comdirect*

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