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Silver - Falling Trendline Remains in Play

Silver has been sliding since the end of January after making a high on the year around 18.47 as we can see in the 4H chart.

S
ilver (XAG/USD) 4H Chart 3/2
(click to enlarge)

Looking at the 4H chart, we can see that after a low of about 16.10, silver price started to stabilize and threatened to bottom and reverse. However, last week's bullish breakout attempt is on hold as price is stalling under 16.90, but is holding above 16.40. 

Silver's rally was challenged by a falling trendling from January's high, and so far bulls were not strong enough to break out. Now, the pressure returns towards the downside, but first let's see if price will push below 16.40 and start holding below 16.60. If so, the outlook this week will be towards the 16.10 low with risk of extending lower to continue February's bearish trend. A hold above 16.40 would keep silver at the crossroads. A break above 17.00 might be needed to convince the market that bulls are taking over. Then, the possibility of a bullish reversal will be more likely. Otherwise, the bias remains bearish, especially below 16.40.