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Silver is clearly in back foot along with its yellow safe haven counterpart as US Federal Reserve hinted the possibility of a tighter monetary policy at the ned of the year. Explicit mention of the next policy has been a bearish signal for silver, which pulled back from falling resistance line.
Moreover, with return of risk appetite as European Central Bank signaled further monetary easing probably in its December meeting, silver and gold as hedge to portfolio is clearly out of favor.
Technically speaking, Silver after finding resistance around $16.4/ troy ounce area is heading for support check at rising trend line, which has been in place since mid- August and has been tested twice. Finding a support there could lead to another test of bearish resistance line and breaking which might lead silver towards $17.5/troy ounce area.
However, bearish resistance line has been in place since the beginning of the year and won't be an easy one to break.
Silver is currently trading at 15.45/troy ounce.
