Recently, Silver has been trading downwards. The price tested the level of $16.15. Anyway, I found the bearish flag in progress, which is ф sign that buying looks risky. I also found a broken upward trendline in the background, which is another sign of weakness. My advice is to watch for a potential breakout of the bearish flag to confirm further downward continuation. The downward target is set at the price of $16.02.
Resistance levels:
R1: $16.49
R2: $16.71
R3: $16.85
Support levels:
S1: $16.13
S2: $15.99
S3: $15.77
Trading recommendations for today: watch for potential selling opportunities.
