Silver Weekly Technical Outlook

Silver dipped to 15.67 but quickly recovered after drawing support from 15.83. Bullish convergence condition also stays in daily MACD. Near term outlook is turned neutral first. At this point, we'd continue to expect strong support from 15.83 to contain downside and bring reversal. Break of 17.29 will confirm completion of fall from 21.22 and turn outlook bullish. However sustained break of 15.83 will extend the fall to retest 13.62 low.