Downside risk accelerates on Silver price as FOMC looms.

At the moment of writing in London session precious metal is being traded at $19.73 with immediate support seen around $19.66 ahead of $19.31 which is swing low of previous wave. It is pertinent that after printing Higher High (HH), bullion must find support above $19.31 thus making a Higher Low (HL) in order to be in bullish trend. In case we see Lower Low (LL) in silver price, this will turn our bias into bearish and in that case double bottom support zone may come under attack in near future.

On upside first hurdle is seen around $20.30, 38% fib level and historical resistance zone for bullion. A break above would be targeting $20.57 ahead of 20.83 which is 50% fib level and a confluence zone of moving averages.

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