Silver (XAG/USD) has fallen to a key support level at $28.66, the June 13 low, and is currently trading along that support.
Silver has fallen to key support and is currently consolidating. If it breaks below the support it will continue its short-term downtrend within its channel. A bounce could also signal a return to the top of the channel and a critical level for Silver . Silver has fallen to a key support level at $28.66, the June 13 low, and is currently trading along that support. It is at a critical turning point for the trend.
57, the June 26 low, that would probably signal further weakness, with the next target lying at the lower channel line, at around $27.50. The caveat to this bearish picture lies in the fact that Silver temporarily broke out of the top of the falling channel on June 20, and although it quickly fell back, the fact it breached the integrity of the channel, albeit temporarily, indicates the upper channel line has been weakened and is more likely to be broken again.
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