E Silver: Vulnerable But With Caution

Silver: Silver’s outlook remains to the downside closing slightly below its Friday close. However, if it continues to trade above the 13.97 level, we could see recovery risk developing. Support lies at the 14.00 level and if broken the commodity could weaken further towards the 13.80 level.  A break will aim at the 13.60 level followed by the 13.40 level and subsequently the 13.20 level. Its daily RSI is bearish and pointing lower suggesting more weakness. Conversely, resistance resides at the 14.40 level where a break will turn attention to the 14.80 level. A cut through here will open the door for a move higher towards the 15.00 level. Further out, the 15.30 level comes in as the upside objective. All in all, Silver continues to face downside pressure on price failure.