Silver At Support

Silver has reached the shore at 16.15, the long term support of a trend that started in the end of 2015. As the precious metal is testing the support now, market participants are eagerly waiting to see whether it will break it or bounce off of it.

It's worth noting that the precious metal has already gone below the most important SMAs - 50, 100 and 200. And now it's being held by immediate support. If Silver breaks the 16.00 level we would have a confirmed breakout and a potential continuation of the downfall in price.

There are no major US news coming out this week so market participants would more likely be focused on technicals rather than fundamentals.

Chart: XAG/USD D1