SILVER - USD - Is Trading Towards the Previous Month's Low at $16.05 - 06/19/2017 (GMT)

Silver posted the second consecutive bearish week and plummeted almost 5% after the bounce off the 100 and 200 day SMAs. The XAG/USD pair is trading in a descending move since July 2017 which hit a two-year high at $21.13 price level. Now, the price is approaching the previous month’s low at $16.05.

On the weekly chart, the price just met the 100-SMA which behaves as a significant support level for the bulls. However, if you turn on the daily chart, the price seems to be ready for falling movement. The three simple moving averages (50, 100 and 200) are sloping to the downside indicating for a decline. The Relative Strength index is moving in the negative territory as well as the MACD oscillator which slipped beneath the zero and trigger lines.