Silver Is Testing the Support at 15.60

As it is obvious from the weekly time-frame chart, Silver has been stuck in a wide consolidation for well over a year now. The precious metal has been testing the support at 15.60 several times now and it has bounced off from that level every time. It is currently testing it again and considering how bearish it is it may finally break out below that support. If it does, the next obvious support should likely be at 15.10, which is the last low of that consolidation. A breakout below that level in turn could lead to a further move to the downside towards the last low, which is at 13.75, but that is obviously a long-term target.