Silver Fell to 16.70

Silver sharply moved to the upside last week and broke out above the resistance around 16.70 – 16.80, rising towards the next resistance at 17.35. It could not break out above that level too, so the precious metal bounced off from it after forming a spinning top candlestick on the daily time-frame and returned to its old levels around 16.70, likely continuing its long-term sideways consolidation. If Silver does continue moving to the downside as part of the consolidation the next target will probably be at 16.20 – 16.00. On the other hand, if Silver bounces off from 16.70, which from a resistance level has become a support one, it could rally again towards the aforementioned high at 17.35.