Although there is no volume confirmation necessary for classic Head and Shoulders scenario, the pattern structure is quite well-defined. We can project the distance between top of the Head and Neckline and our target will be 13.35.
Considering FED rate hike plan for 2017, this target does'n seem unrealistic.
Silver did not break out of the descending channel and did not find a foothold above 19.60 and 19.30.
The price is now between critical levels of support and resistance, so staying out of trades is probably the best idea until we see a new breakout attempt or confirmation of further downmove.
Possible scenarios for silver in the coming weeks. Price is moving inside a bullish flag but it can take some time until it breaks out.
It is more likely the price will return to the resistance at 20.14 and retrace in following days.
Key support is at 17.85.
If price breaks through resistance, the 22.50 target looks realistic considering the trend since the...