Silver’s down trend resumes this week and hits as low as 21.41 so far. The larger down trend from 30.07 is in progress for 61.8% projection of 28.73 to 22.36 from 24.86 at 20.92 next. Also prior rejection both 55 day and 55 week EMA affirmed near term and medium term bearishness. Firm break of 20.92 will target 61.8% retracement of 11.67 to 30.07 at 18.69 before completing the current down trend.
Meanwhile, break of 23.13 resistance is needed to be the first sign of short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
