Silver price falls under bearish correctional pressure recently, completing drawing a short term head and shoulders’ pattern, its confirmation line located at 16.91, and breaking this level will push the price to approach from 76.4% Fibonacci level for the rise from 14.77 to 17.99.
The exponential moving averages 50 and 100 push on the price to support the chances of completing the mentioned pattern, while the price might head to retest 17.23 before turning back to decline, affected by stochastic current positivity.
The negative effect of the head and shoulders’ pattern will remain valid unless breaching 17.55 level.