A sharp sell-off in Silver on Feb 3 resulted in a break of $22.557, the Dec 16 low. Price has also traded below the 50-day EMA - a bearish development. The move lower highlights a range breakout and if this is correct, it warns of a short-term trend reversal. A continuation lower would open $21.099, a Fibonacci retracement. On the upside, initial resistance is seen at $23.109, the 20-day EMA ahead of $24.637, the Feb 2 high.