FX.co ★ Follow up to our silver bearish signal.

Blue lines- descending triangle pattern

Yesterday in our Silver analysis we noted the bearish descending triangle pattern in the short-term and warned traders that a break in Silver price below $21.82 would be a bearish signal and price should then fall towards $21.20. Today's low in Silver was at $21.23. Silver remains under pressure and with a lower high, chances favor more downside to be seen until the end of the session. Resistance is at $21.82 where we once had support. Silver has formed a lower high at $21.70 and as long as price is below this level, we remain bearish for the near term.