Silver is trading 1.16% lower on Tuesday building on Monday’s losses. The RSI has not been this low in the last 6 months. Silver 4-hour chart The commodities complex has been hit pretty hard by the recent USD strength over the last few sessions. Silver has been no exception and it has now broken the triangle formation and the orange support level. The Fed’s wait and see stance has meant the greenback has been firm but with the upcoming elections and COVID-19 still hanging over the markets like a dark cloud there is still plenty reasons to buy precious metals. Looking at the chart, the key feature is the triangle chart pattern. Now it has broken to the downside, it will be interesting to see if the pattern will be retested like they often are. The price did stop at the support line in blue but there was also a bounce of the USD 24 per ounce level which was close. The next support could be at the green line just above USD 22 per troy ounce. Beyond that, there is lots of space until around USD 19.50 per ounce. The indicators are very bearish at the moment. The MACD histogram is firmly in the red and the signal lines are red above blue with a good degree of separation The Relative Strength Index (RSI) is very oversold but it is now picking up off its lows. Overall silver might not hold up as well as gold as it is slightly more industrial and the coronavirus pandemic seems to be coming back with a second wave. The key here is the dollar if the strength continues there could be more trouble ahead. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CHF Price Analysis: Bulls looking for a discount before bullish breakout FX Street 2 years Silver is trading 1.16% lower on Tuesday building on Monday's losses. The RSI has not been this low in the last 6 months. Silver 4-hour chart The commodities complex has been hit pretty hard by the recent USD strength over the last few sessions. Silver has been no exception and it has now broken the triangle formation and the orange support level. The Fed's wait and see stance has meant the greenback has been firm but with the upcoming elections and COVID-19 still hanging over the markets like a dark cloud there is still plenty reasons to buy precious metals.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.