Silver is sliding down after hitting high of $15.55

Silver is sliding down after hitting high of $15.55

Silver is sliding down after hitting a high of $15.55. However, it found support around the 50% retracement level of its previous rise and bounced back. In the near term, the swing high of $15.31 shall act as a crucial resistance level on the way up. The white metal can rise higher towards its high of $15.55 and subsequently towards our medium-term target of $15.80 once it breaks and sustains above $15.31. The bullish view on silver holds true as long as it does close below the low of $14.85. The daily momentum indicator is bearish.