As can be seen from the adjacent chart, silver has retraced 61.8% of the previous fall and has fallen sharply from there. On the way down, it has broken the previous low of $29.23. The level is now acting as a strong resistance. Since the last few weeks, silver is trading below this crucial resistance and has broken down from a bearish triangular pattern. The equality target on the downside is at $27.55, below that the white metal can test its previous low of $26.11. The reversal for this bearish view can be kept above the triangular pattern, ie $29.45.
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