Silver Is Testing the Support at 16.15 – 16.10

Today Silver fell towards the support around 16.10 – 16.15 once again – the long-term sideways consolidation clearly continues for now. That said, there are two possibilities for the precious metal at this level. It could, after months of consolidation, finally breakout below 16.10 and continue falling towards 15.60. Silver bouncing off from the aforementioned support is a far more likely outcome, and if that happens there will probably be another move to the upside towards 16.65, where is the (MA)89 indicator on the daily time-frame. Silver has consolidated around this indicator this whole time, so far there is no signal that is about to end.