Silver May Continue Falling

Silver moved to the upside for about a month before finally finding some resistance at 17.25 and forming a clear spinning top candlestick on the daily time-frame at that level before bouncing off from it. Currently the precious metal is testing the support at 16.90. A breakout below that support level could lead to a further move to the downside towards the next support at 16.70, which coincides with the (MA)89 indicator on the daily time-frame. A breakout below that level will, in turn, probably mean another drop to 16.50. On the other hand, if the pair bounces off from the support at 16.90 it will likely rally and test the last high at 17.25 again.