Silver has come under downside pressure this week, with the metal falling to a two-week trading low after breaching the $15.00 support level.
Silver price technical analysis shows that the metal may fall towards the $13.70 level before a meaningful recovery starts to take place.
Silver medium-term price trend
Silver has been moving lower alongside the price of gold this week, as the commodity sector comes under downside pressure across the board.
Silver technical analysis over the medium term shows that sellers may target key upcoming Fibonacci support, around the $14.20 level.
The daily time frame shows that the 38.2 Fibonacci retracement of the current monthly high to the 2020 trading low is located around the $14.20 level.
With the price trading below the $15.00 level, the 38.2 Fibonacci retracement level is certainly a possible target for silver bears.
The 50 per cent Fibonacci retracement of the mentioned sequence is found at the $13.70 level. With this in mind, a loss of the $14.20 level could prompt a deeper decline towards the $13.70 level.
Key medium-term resistance for silver is currently found at the $14.80, $15.05 and $15.20 levels.
Silver short-term price trend
Silver price analysis over the short-term shows that bears are in control while the price continues to trade below the $15.20 technical level.
The lower time frames currently show that a head-and-shoulders pattern has been formed. These types of patterns have a high probability of causing bearish reversals.
Looking at the one-hour time frame, a loss of the $14.80 level would trigger the pattern to the downside and potentially spark an even greater decline in silver prices.
According to the size of the bearish pattern, silver could fall towards the $13.80 technical region, which coincides with the 50 per cent Fibonacci retracement of the current monthly high to the 2020 yearly low.
Traders should expect silver prices to come under further selling pressure while the price trades below the $14.80 level.
Silver technical summary
Silver price technical analysis indicates that silver may fall towards the $13.70 level. A bearish head-and-shoulders pattern is present across the lower time frames.