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Silver - Retreats from Key Resistance; Support Ahead

Silver has been in a bullish reversal attempt since making a double bottom at the end of July and beginning of August. The 4H chart shows the price completing this double bottom in August after breaking above 15.00.

Silver (XAG/USD) 4H Chart 8/21


(click to enlarge)

Now, after a bullish correction at 15.62, price is stalling again. It retreated, but its rebound from around 14.72 shows respect to the double bottom. However, the most recently bullish attempt failed to clear the 15.62 high. Silver is ending the week with another bearish swing from this resistance. As price falls, it will test a key support around 15.10. If bulls are still in control, we should see a bounce here. If there is a rebound from around 15.10, the 15.62 high will become more vulnerable. 

On the other hand, a break below 15.00 might open up a bearish outlook back towards the 14.38 low on the year.