Silver Is Very Bearish

Despite its attempt to move to the upside last week Silver met a strong resistance at 17.20, which coincided with the (MA)89 indicator on the four-hour time-frame, bounced off from that level after if formed a spinning top candlestick at the resistance there on the same four-hour time-frame and continued moving to the downside. What is more, there is also a signal for a drop on the much longer weekly time-frame too, namely the hanging man candlestick that formed below the resistance at 17.60. Currently the precious metal continues falling and its closest target on the way down is at 16.35 - 16.30 but it will likely break out below that level as well.