Silver prices kept falling in the intraday levels and short term trading, leaning eventually on the pivotal support of 15.17, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 13.63 to 16.12), which coincides with leaning also on the main upward trend line in the medium and short terms as shown in the attached chart, therefore this level is considered important for determining the next moves for silver, faced with continuous negative pressure from the SMA50, combined with an influx of negative signals from relative power indicators.

Therefore we expect silver to rise again in the coming trading, with a very important caveat; the support of 15.17 has to hold on, targeting thereafter the resistance of 15.54, which represents the ratio 23.6% of the same retracement levels.

Trend Bullish