Silver set to go even lower?

Silver couldn’t hold onto its earlier gains as recession concerns around the world continue to boost the appetite for US dollar. Investors are becoming more and more convinced that the Fed is going to raise rates by another 75 basis points this month and proceed with further aggressive hikes until inflation comes back under control.

Silver's price action would appease the bears. The inverted hammer in the direction of the downtrend suggests the metal is ready to resume lower after a few days of consolidation. If it closes the day around current levels or lower, then we may see follow-up selling towards the Fibonacci levels shown on the chart.

At this point, there is no evidence of a bottom, so watch out below.