Silver Weekly Technical Outlook

The sharp fall from 16.17 suggests short term topping there and deeper fall could likely be seen in silver initially this week. The failure to take out 16.37 resistance raised some doubts on the larger bullish outlook. Also, Silver struggled to sustain above 55 weeks EMA. Hence, break of 14.61 support, 61.8% retracement of 13.62 to 16.17 at 14.59, will at least bring a test on 13.62 low, with mild prospect of breaking to a new low.