Silver Weekly Technical Outlook

Silver's corrective fall from 21.22 extended lower last week. While further decline could be seen, at this point, we'd expect strong support from 38.2% retracement of 13.62 to 21.22 at 18.32 to contain downside and bring rebound. Above 19.53 minor resistance will turn bias to the downside. However, firm break of 18.32 will bring deeper fall to 61.8% retracement at 16.525.