Silver Breaking Down

Silver futures are currently down about 2.4% and sitting at $16.23. Last week we saw a similar move down to a low of $16.22, but prices quickly rallied back above the $16.5 mark to hold support.

A more defined break below the $16.25-16.00 area could indicate that silver will flush down to larger support around the $15.7 area.

And all this comes as silver is snapping trends lines from the November 2015 lows...

Any more down to $15.7 should be watched carefully as that level has proven important the last few years.