Silver Bounced Off 16.20

Despite the holiday season and the low volatility Silver continues to provide good signals for impending movements. In this case, the precious metal had been moving to the upside until it almost reached the resistance at 16.22 which coincides with the (MA)89 indicator on the four-hour time-frame, then formed a spinning top candlestick on the same time-frame, as well as a doji candlestick on the one-hour time-frame and started moving to the downside. The next target is likely the support at 15.90, and if Silver succeeds in breaking below that level there will likely be a further move to the downside towards the next support level at 15.70.