Silver (spot) - 4 hourly

Silver has just in the last 4 hours broken trendline support dating back to July 20th. If silver cannot break back above the trendline in the next 24 hours this could mean a change in trend, from upside to downside. MACD is negative and the commodity trades in the lower Bollinger band. RSI has a value of 38 and is not oversold yet, so the current decline could have more room to fall. Initial resistance above sits at $27.50 followed by $27.92. To the downside, support sits at $26.00. A break below $26 could take silver down to $24. Trades placed in Silver or Gold should be done with caution.