Silver Weekly Technical Outlook

Silver's rebound from 15.83 continued last week. Strong break of 16.58 resistance confirmed near term reversal and further rise could be seen to retest 18.08 high. At this point, price actions from 18.05 are viewed as a consolidation pattern and could extend with another fall. In case of another decline, down side should be contained by 61.8% retracement of 13.62 to 18.06 at 15.31 and rebound.