Silver Opened with a Bearish Gap

Last night, when the market opened, Silver also opened with a bearish gap and although it bounced off the support at 18.70 it has not recovered it yet. At this point I think there are two possible scenarios. The first one is that Silver will recover the gap and likely continue moving to the upside. So far, however, there are no signals for such an impending move to the upside. The other likely scenario is that Silver will continue its overall move to the downside and will eventually reach the support at 18.40, which coincides with (MA)89 on the daily time-frame. A possible breakout below that level could lead to a further drop towards 18.00.