Silver Is Very Bearish

After Silver formed a sideways consolidation on the daily time-frame that lasted for almost two months the precious metal finally broke out below the last support at 16.32 and proceeded to move to the downside. It is still very bearish and it will probably continue falling at least towards 15.70. A breakout below that level could lead to a further move to the downside towards the next low, which is at 15.09. Whether or not Silver will manage to break out below that level as well remains to be seen, but if it does and the drop continues there may even be a move to the downside towards 13.63, but that is obviously a long-term scenario.