It has been bad days for silver recently. Looking at the daily chart, a head-and-shoulder pattern has been formed. This pattern has been confirmed by yesterday's price action. The price has gone below its 200d MA and invalidates the assumptions that it is in a consolidation phase.
Based on the projection of the neck line, it is expected to see the price to go down from $16 plus to $13 thereabouts. This coincides well with the support level that we observe from the chart. If $13 breaks, next level is $12 thereabout. It is less likely it will break $12.
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