Silver Weekly Technical Outlook

Silver dropped sharply to as low as 17.11 last week Firm break of key support level suggests that deeper decline is underway to 61.8% retracement of 13.62 to 21.22 at 16.52. At this point, we're expect strong support from 16.52 to contain downside and bring rebound. However, considering that silver was rejected by 55 months EMA. Firm break of 16.52 could pave the way for a test on 13.62 low.