How Will Silver Respond? Will It Bounce Back Soon?

The market moves within the green and yellow channels. During the previous months, the price reached the upper green bound, then began to decline to the lower green wall. Moreover, the decline occurred within the bounds of the yellow channel. At the moment, the price is right on the lower green bound, so now the market is at a fork.

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If the bulls beat the bears in the confrontation, we will see a break above the resistance level of 17.85, which is on the upper yellow bound. In this case, the growth can be continued to the resistance of 21.19. If we see a break below the lower green wall, and the price goes below the level of 16.85, the bears will open the way to the support of 15.71, which is on the lower yellow wall.

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