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Silver - Bearish Continuation vs. Falling Wedge

Silver has been bullish since making a 2014-low at 14.65 in early December. After traveling to almost 18.50 tagging the 200-day SMA in late January, it has been been retreating.

Silver (XAG/USD) Daily Chart 3/9
(click to enlarge)

The daily chart shows that price has retreated to a point where silver lost all its bullish bias. 
1) Price came back under the 100-, and 50-day SMAs.
2) Price broke a rising trendline.
3) The RSI pushed below 40.

On Friday we saw strong NFP numbers (295K vs. 240K forecast), and a faster drop in unemployment rate (5.5%) than expected (5.6%). Now, the same story goes for subdued wage growth and historically low participation rate. Still, the market seemed convinced that the labor market is going in the direction that would allow the FOMC to raise rates, because we saw a USD-rally across the board.

Silver continued lower, breaking below 16.00, and appears to first test the 15.50 common support before exposing the 2014-low at 14.65.

However, there is also a possible falling wedge scenario. If price breaks back above 17.00, silver would clearly have broken above this falling wedge as well as climb back above the 100-, and 50-day SMAs. At that point, it might be able to revive a bullish outlook, at least towards the 18.00 handle.