Silver Weekly Technical Outlook

Silver's choppy fall from 21.22 resumed last week by taking out 16.15. Focus now turns to 15.83 support level. Considering bullish convergence condition in daily MACD, we'd still expect strong support around 15.83 to contain downside and bring rebound. Break of 17.29 resistance will now confirm near term reversal. However sustained break of 15.83 will extend the fall to retest 13.62 low.