Silver posted a weekly negative close in the last week.It is trading below its key daily and weekly moving averages. The daily and weekly momentum indicators are in a bearish mode. On the way down, the white metal has broken a medium-term rising trendline. In terms of wave structure silver is forming a wave extension on the downside. The key levels on the downside will be $15.26 and $14.65. On the fl ip side, the swing high of $16.04 will act as a key hurdle on closing basis.