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Silver is currently trading near $25.90 per ounce, having printed a low of $23.39 on Wednesday. 

If the bounce fades and prices fall back to $23.50, a head-and-shoulders pattern would be confirmed on the 4-hour chart. 

Acceptance below $23.50 would confirm breakdown or transition from higher lows, higher highs pattern to lower highs and lower lows pattern, and create room for a slide to $17.14 (target as per the measured move method). 

4-hour chart

Trend: Bearish below $23.50

Technical levels