Silver Is Bearish

Silver sharply moved to the downside today after forming a pair of spinning top candlesticks as well as one very obvious hanging man candlestick on the one-hour time-frame at the resistance at 17.95. Apart from that, the precious metal is quite bearish and it has been that way ever since it bounced off from the resistance at 18.20 after forming a shooting star candlestick on the weekly time-frame that that level. Silver is currently testing the support at 17.70 and should it break out below that level – and it probably will – the precious metal will probably continue moving to the downside, towards the next obvious level of support at 17.40.