Silver Weekly Technical Outlook

Silver's decline continued last week but lost momentum ahead of 14.155 low, as seen in bullish convergence condition in 4 hours MACD. At this point, we're not expecting down trend resumption yet. And fall from 18.505 so far is possibly just the second leg of the medium term consolidation pattern. Hence, we'll stay cautious on strong support around 14.155 to bring near term reversal. Above 14.98 will indicate short term bottoming and bring rebound back to 55 days EMA (now at 16.01).