Silver Spot XAGUSD closed below key support at $18.14 yesterday. Next support is at 16.95 and the 0.764 Fibonacci retracement at around 15.68. However, at the 1.382 projection of the July-August correction at 17.10 a minor bounce could be seen.
A close above demolish the current bearish picture short term XAGUSD needs to close above 19.45
Weekly chart shows how Silver has broken below the 0.618 retracement of Q2-Q3 2020 rally at 18.38 and the support at 18.14. Silver is on course to test key support at 16.95. However, a spike down to the 0.764 retracement at 15.68 is not unlikely.
To reverse this bearish picture a move above 20.85 is needed . First warning of that scenario to play out is if Silver closes above the steep the upper falling trendline