Silver Is Falling

After forming a double bottom at the support at 16.15 Silver bounced off that level, but it could not even reach the resistance at 17.00 which coincides with the (MA)89 indicator on the four-hour time-frame before forming a distinct doji candlestick on the same time-frame below the previous resistance at 16.85 and moving to the downside once again. The precious metal has also formed an impressive shooting star candlestick on the daily time-frame below the same resistance level. Currently Silver is testing the support 16.50, and a breakout below that level will likely lead to a further move to the downside towards the aforementioned support at 16.15. A breakout below that support in turn will serve as a confirmation that the overall bearish trend will continue.