Red lines - bearish channel
Silver price is trading around $21. Short-term trend is bearish. In previous posts we warned traders of the bearish pattern of the descending triangle. Price broke support and price very fast reached our first target. Zooming out on the Daily chart we see price still inside a bearish channel. Silver price on June 6th made a lower high around $22.50 and got rejected at the upper channel boundary. Price is moving lower since then and new lows are expected to be seen over the next few sessions. As long as price is below $22.50 and the channel boundary, bears will remain in control of the trend.