US Dollar has picked up pace in Wednesday trading, adversely impacting precious metals Gold and Silver. From June last year, Silver has lost more than 20% (June highs of 21.124 vs current level of around 16.5). On technical front, the price is within a consistent descending channel, RSI following a peak and trough pattern. Bollinger bands at current level are colliding with the Silver price, indicating a move downwards on daily, towards the mid range band. Volumes are nothing exciting to mention to be honest.
Silver faces immediate support around 15.688 following on to 14.75 before plummeting to the yearly bottom at 13.
On the contrary, should Silver firm and reverse direction it will hit initial resistance around 17.31 over and above to 18 and higher.