Silver Price Decline Is Here To Stay

If you are selling Silver, you might have enjoyed the recent ride, considering its price is under heavy pressure. A downside drift was started from the $18.60 high.

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The downside move was such that there was almost no correction. There is a monster bearish trend line with current resistance at $16.64 on the 4-hours chart, acting as a crucial hurdle

It looks like the price may continue to decline, and may soon break $16.40 for further losses.

On the upside, the trend line resistance is at $16.64, and the 23.6% Fib retracement level of the last decline from the $17.41 high to $16.40 low may also act as a barrier for buyers in the near term.

 

*By trading CFDs your capital is at risk.

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