Silver is slowly shrinking against the US Greenback hitting its lowest point in 4 months on May 11 and seeming to have no reason to stop falling. The Greenback is showing signs of strength against many currency pairs as well as Gold, but how long will it last? This pair, the XAG/USD pair, is trading smack in the middle of the Weekly Pivot at 29.18 and the Weekly S1/Monthly S1 at 28.00 at the time of writing, and appears to be making efforts to at least re-test last week's low at 28.42 which, if broken will possibly mean a further slump in price to the 28.00 level where support is very strong and could reverse price action. Also of interest is the RSI, which is indicating this pair is extremely oversold and due for at least a pull back to 29.18 or even 29.50. 29.50 is also the Monthly S1 which is now acting as resistance with the Weekly R1 above it at 29.94. Watch for price to break the low, if it does not break it with strength aka volume, look for a reversal shortly after.
Happy Trading!