Silver: Trend remains down

Silver kissed and tumbled from the medium term falling trendline. The white metal has fallen from the weekly upper Bollinger Band towards the middle one. The weekly momentum indicator has triggered a bearish crossover. In the last week, silver formed an inside bar, which indicates consolidation. Overall the trend remains down. The key levels on the downside are $30.62 ie 61.8% retracement of the rise and $27.88 ie the weekly lower Bollinger Band. Overall silver is set to test the low of $26.14. A tight reversal would be above $33.27.

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