Silver formed a Bear Flag continuation price pattern after reversing from the April highs at about $30.00. The pattern broke to the downside and declined to its conservative target. After a few bounces it started to reverse higher.
There is a possibility that Silver price will fail to break above the May 7 highs and instead roll over. If so it will probably mean the short-term downtrend is still in force and the Bear Flag's second target could still be achieved.
In such a scenario, Silver price will probably first fall to support at $26.10. Further weakness would probably lead to the next target to the downside at support from a long-term upper range boundary line at about $25.80. Yet more weakness could even see it reach the second target for the Bear Flag at $25.50.
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