Silver Below $15

Silver fell off a cliff after upbeat US data was announced on Friday. The commodity lost almost a dollar going from 15.45 to 14.78 in less than a day. Currently, Silver is trading at 14.94 with a low of 14.83 which coincides with the 200SMA which acted as support and provided the needed push for bulls to go for $15 again. 

With the recent sharp drop in Silver price, the metal might be struggling for a few days in a consolidation phase before we see a move to either sides. It is still early to predict where it's headed, that's why we need to watch levels closely: first support 14.83, second support 14.50. First resistance 15.08, second resistance 15.53. 

Chart: XAG/USD D1