Overview

Silver price has been trading slightly downwards after testing the level of 14.70, and the EMA50 keeps supporting the bearish wave inside the bearish channel on the chart, with initial targets at 13.50 and 12.80. Therefore, the bearish trend will remain valid for today unless a breakout at the level of 14.70 takes place. That will push the price to test the bearish channel's resistance at 15.20 before making an attempt to get back into the bearish trend. We wait for a rebound to the downside to head towards 13.50 and 12.80. In case the price breaks the level of 14.70 and holds above it, the bearish wave will be temporarily stopped in order to visit resistance at 15.20.