Hi I’m going to take a look at silver today. Now the expectations of Fed tightening next week has continued to hamper the precious metals. Both gold and silver have come under pressure over recent days. And there’s also been a small increase in US bond yields and evidence of recently established long positions in gold and silver being liquidated. So we’ve seen the spot prices in both decline. Gold price has reached a four week low around 1207 dollars and silver has broken below support at 17.50 and testing quite a pivotal 17.25 level. So initially I’ll look at this dollar strength, obviously this is on the back of the possibility of the Fed tightening next week as well. And there’s still a little way to go before we find some decent resistance around the 1.03 level. So a few more days of pressure in silver and strength in dollar is expected. Now the monthly chart still has a little potential to the upside with an AB=CD formation possibly targeting a move to $23.00. Our weekly chart shows a Triangle formation and this provides both a decent entry level to set shorts in silver and an obvious target level on the upward trending support line. So this daily chart shows a clear break over the last couple of days of this upward, the near term upward trending support. And prices have accelerated quickly down and we expect a further and deeper retracement. The daily chart (again) shows how prices repelled and formed a Bearish Engulfing with the weekly chart also highlighting a bearish outside candle. Followed by this Marubozu candle that’s forming this week. This offers resistance around $17.60 Now we look at the four hour chart to provide our ideal target area. So if we look at the 61.8% Fibonacci retracement level at $16.70 and also the previous January low coming in at $16.60. These provide a good target level. We are looking to set shorts in silver at 17.50 to 17.60. The stop on this trade would be a break above $18.00. And once again the targets are a move to $16.70 & $16.60.