Silver Bounced off from 18.45

Silver finally reached the resistance at 18.45, formed a high at 18.47, but could not continue moving to the upside. Unsurprisingly, the precious metal bounced off from the aforementioned resistance level after forming a pair of very telling shooting star candlesticks on the daily time-frame and sharply started moving to the downside, not only retracing to 18.00 but breaking out below that level as well. Silver is currently at the support at 17.70 and if it breaks out below that level too it will probably reach the next significant support level, which is at 17.45 and coincides with the (MA)89 indicator on the daily time-frame.