Silver Is Bearish Despite the Upcoming Holidays

After several days of sideways consolidation below the resistance at 17.29 Silver formed a spinning top candlestick on the weekly time frame below the same level and started moving to the downside. Today the precious metal remains exceedingly bearish despite the two inverted hammer candlesticks it has formed on the daily time-frame above the support 15.90 – 16.00 and it has even broken below that level. Despite the upcoming holidays Silver will likely continue falling in the near future, first towards 15.50 - 15–40, and if it breaks out below that level it will probably continue moving to the downside towards 14.70.