The daily chart of SILVER indicates its quite technical character and similarities to the situation from last year. After the declines from January 25, the rate began to consolidate as part of a small side trend. Currently, another attack on its lower limit takes place, i.e. support in the region of 16.20.
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A similar situation took place in the second half of last year. Then also after the first downward wave, there was a fairly extensive consolidation as part of the formation of the triangle. Breaking the bottom meant “finishing” the bearish movement. Currently, breaking down from the consolidation may have similar consequences, ie possible drops to the level of the nearest extremum, that is 15.60. The likelihood of declines is increasing, as the broader arrangement has been moderately declining since July 2016.
