Silver Weekly Technical Outlook

Silver's decline from 21.22 continued last week and breached 61.8% retracement of 13.62 to 21.22 at 16.52. At this point, we'd still expect strong support from 15.83 to contain downside. Break of 17.235 minor resistance will turn bias back to the upside for 19.00 resistance. Break there will confirm completion of such decline. However, firm break of 15.83 will now extend the fall to retest 13.62 low.