Silver Formed a Double Top and Started Dropping

Silver moved sharply to the upside yesterday but it seems that move has stalled at least for now, because the precious metal could not break above the resistance at 16.50, formed a double top below that level, as well as a doji candlestick on the one-hour time-frame and a shooting star on the four-hour time-frame and started dropping. Currently Silver is testing the support at 16.35, a breakout below that level will likely lead to a further move to the downside towards the next support at 16.15, which coincides with the (MA)89 indicator on the one-hour time-frame. All that said, on the longer time-frames such as the daily and weekly ones there are still valid signals that Silver is bullish, so this retracement is likely only temporary.