Bearish Trend on Silver in Short-term

OANDA:XAGUSD   Silver / U.S. Dollar
The Silver price is currently trading below the 21-day and 50-day SMAs . The Stochastic Oscillator period 14 is bellow 20 levels on the daily chart with the signal lines pointing down to indicate a sell signal. Also the bullish trend line has been broken and that in and of itself is not a good sign for the bulls.

The next week or two should be crucial and tell us where we are going longer-term.

Technically, Silver has been hovering around 16.90 since mid-November, but broke below this line on Friday, with sharp losses. Now the XAG/USD pair is expected to find support at 16.50, and a fall through could take it to the next support level of 16.20 (31st July low). We opened Short positions below 16.70 with first target at 16.20 & second TP at 16.00 in extension. Our SL is at 17.20.

The pair is expected to find its first resistance at $17.00. It’s very likely that this level will continue to cause resistance based upon the large, round, psychologically significant figure, and of course the inability to close above it for the last three weeks. As well, the 21-week SMA is showing resistance at 17.30 combined with middle line of Bollinger Bands on weekly chart.
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