Silver Weekly Technical Outlook

Silver continued to struggle in range around 16.525 fibonacci level last week and outlook is unchanged. Further decline could be seen with 17.235 minor resistance intact. But we'd expect strong support around 15.83 to contain downside and break rebound. Break of 17.235 minor resistance will turn bias back to the upside for 19.00 resistance. Break there will confirm completion of corrective decline from 21.225. However, firm break of 15.83 will now extend the fall to retest 13.62 low.