Silver Is Falling

Silver reacted to the fundamentals last Friday almost the same way Gold did – with a sharp move to the upside and then a sharp drop, forming a double top around 18.46. Between that double top and the several candlesticks on the daily time-frame signaling for a move to the downside, namely a pair of spinning tops candlesticks and a doji candlestick, it is unsurprising that the precious metal continued moving to the downside today. It is currently testing the support at 17.90 and a breakout below that level will probably lead to another move to the downside towards 17.60, which is the (MA)89 on daily time-frame. If it breaks out below that level too it will probably fall towards the last low at 16.82