Silver Price Analysis: Sellers await confirmation of Head-and-Shoulders on H4

• Silver prices register three-day of losses.
• A confirmation of the bearish technical formation will set the tone for the downside below the monthly low.
• A two-week-old falling trend line questions immediate recoveries.

Silver prices drop 1.15% on a day while flashing $15.04 as a quote during the pre-European session on Tuesday.

In doing so, the white metal portrays Head-and-Shoulder bearish technical pattern on the four-hour (H4) chart that needs confirmation with a break below the neckline of $14.77.

Should that happen, which is more likely considering the fortnight-old falling trend line, bears can quickly aim for the monthly low around $13.80.

However, the previous week’s bottom near $14.55 may offer intermediate halts during the downside.

On the contrary, an upside clearance of $15.30, comprising a short-term falling trend line, will defy the bears and restore the run-up towards $16.00.

Silver four-hour chart

Trend: Further downside likely