Silver prices retreated in the intraday levels and the short term, trespassing the SMA50 and getting exposed to its negative pressure, while breaching the support of 15.41, representing the ratio 23.6% of Fibonacci retracement levels for an ascending wave in the medium term (from 13.73 to 15.93), settling below it for the moment and leaning on the support of a negative technical pattern that was forming in the short term, the Rising Wedge pattern, as shown in the attached chart.

Therefore we expect more losses to come for silver, especially if it broke through that forming negative pattern, targeting the support of 14.83, representing the ratio 50% of the same retracement levels mentioned earlier.

Trend Bearish