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Silver decline continues Key level at $16.00

Silver trading below key support at $16.00 level. 

The Silver chart is showing the decline that has propelled Silver and Gold to new lows. The price has broken under 16.00 and tested previous support now turned resistance at 16.20 when support at 15.78 firmed up. But even this level was lost and price is currently trading around 15.32. Support comes in at 15.20 followed by the round number at 15.00. A loss of this level could see support at 14.75 and 14.40. Gold prices should also be taken into account as support in that commodity comes in around 1200.00 and price is trading around 1219.00. Resistance can be seen at the 15.70 level followed by 16.00 and 16.20. A break higher from here can range up to 16.80 where sellers can reengage with the market. The falling red trend line also comes into play at this level. The 17.00 area has been lightly engaged recently but with the move down traders may use it again, with stronger resistance at 17.30. Above this level the January high of 17.71 comes into play.

 

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