Silver Is Bearish

Silver has been consolidating sideways between 16.50 and 17.45 since the beginning of October this year, but the precious metal may finally break out below the support at 16.50, considering how bearish it is and now it is finally back to testing the aforementioned level. If it does break out below 16.50 there will probably be a further move to the downside towards 16.00, and a breakout below that support could lead to a further drop towards 15.60. On the other hand, if the precious metal bounces off from the support at 16.50 the overall sideways consolidation will probably continue and Silver will likely rise back towards 17.00.