Silver Weekly Technical Outlook

Silver's pull back from 18.08 extended lower last week but it started to lose momentum after hitting 55 days EMA, 38.2% retracement of 13.62 to 18.06 and 16.17 resistance turned support. A rebound is likely due and break of 16.58 resistance will turn focus back to 18.08 high. However, downside acceleration form the current point will carry larger bearish implication and target 61.8% retracement at 15.31 at least.