The Team head of FICC Technical Analysis and Research at Commerzbank is predicting that silver prices could make a sharp drop, with a near-term risk of hitting the $22.24 price level. According to the analysis report by Karen Jones, the sharp selloff followed rejection at the 28.12 price level. Despite attempts at stabilizing the price levels at 24.20, risks to the downside in the short-term remain. The report notes that silver prices may attempt a push to the upside, but a move above the recent highs of 27.97 or the Fibonacci resistance level around 28.12 could prove to be an obstacle too difficult to overcome. But ... (full story)