Here is a look at the weekly chart of silver which has already fallen below chart support near $18.60 and thus far has not been able to regain its footing above that key level.
Note that the indicator below the chart has made a new low for the year which is suggestive of further downside yet to come. The key will be whether or not the metal can stay above $18.00 which is the next level of chart support. If not, it looks headed for a test of the bottom of the 2010 congestion zone near $17.50.
A weekly close below $18.00 would suggest the beginning of a TRENDING MOVE LOWER.
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