SLV near-term downside ruled out; failed head and shoulders break; resistance at $67 and $0.99.

A similar story applies here to silver. We had the potential to break the head and shoulders pattern , but we didn't get away from it. We were at a lower one day, a higher one day, and a lower the following day, all within the range of the first candle, and we did not push ourselves down to the support level.

Had we pushed down, this rally would have encountered resistance at this neckline, but as you can see, the price bounced right back, overriding any possible calculated move, and pulled the price down to this lower consolidation range at the $57-$56 price target.

So, for the time being, and in the near term, the downside target has been ruled out , with the next resistance levels now clearly visible at $67 and $0.99.