Victory of Donald Trump in the US Presidential elections for many people was seen as a great hope for growth of the so-called safe havens. Undoubtedly, gold is a safe haven, but also strongly correlated with the price of this metal is silver.

Initially, in fact everything was going according to the plan and the price of silver reached last Wednesday (immediately after the announcement of the election results) more than monthly maximum. However, it quickly became clear that the big players have other plans in relation to these metals, and on Friday a strong candle broke the downward trend line growth, which has been respected since December 2015. Demand or bulls however we name them deserve our recognition and applause , because gold has broken its upward trend line much faster at the beginning of October and silver have tried to keep the trend of pro-growth standing alone.

At the moment the aim for bears is the level of 16.20. This area was not only important in recent times, but on the chart W1 we can see the reaction of prices in this place several times since 2008. The main scenario for the further movement of the price of silver is soon test of indicated support at 16.20 and then rebound to at least 17.10.

Silver H4
Silver H4
Silver D1
Silver D1
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