Technical analysis – Silver looking bearish heading towards 61.8% Fibonacci

Silver sellers appear to be in control as the commodity is nearing the 16.32 barrier – that halted previous declines – which is the 61.8% Fibonacci retracement of the up leg from 14.28 to 19.63. The negative push seems to have backing from the downward sloping 50-day simple moving average (SMA) and the momentum indicators. […]