Bull Breakout could not hold
In addition, note that the advance has activated a break -out of a bull above the trendline and then closed for two days above the line. That was a sign of strength. Later price action, however, did not confirm strength and last Friday silver was closed under the trendline. It looks ready to do the same today.
There is an increased chance that there has been a failed bullish breakout of the trendline and therefore supports a deeper withdrawal to test lower price levels before the bull trend may be ready to continue. Furthermore, during the advance, an earlier swing was exceeded high at $ 32.33, which is a sign in force. But that power was not confirmed by a daily close to that interim swing high.
Bearish refusal to support
A decrease in Monday from $ 31.71 is a sign of weakness and a likely precursor of lower prices. The first lower target is approximately the 50% retracement level at $ 31.18. The MA of 20 weeks also shows potential support at the same price surface. Note that the 20-day MA (purple) is rising and close to the converging with the 50%retro level.
That relationship must be viewed as it further develops, because the closer those two price levels are when they are approached, the strong the potential support. A support test on the 20-day line would be the first swing back, because the line crossed over the 50-day MA (Oranje) at the end of last month.
Look for a look in all the economic events of today Economic calendar.