Silver Weekly Technical Outlook

Silver retreated to as low as 15.60 last week but rebounded strongly since then. The strength of the rebound dampened our bearish view that choppy recovery from 14.65 is finished. Nevertheless, note that at this point, we're still treating price actions from 14.65 as a correction to fall fro 18.925 only. Hence, even in case of further rise, upside should be limited by 16.95 resistance and bring fall resumption. Below 15.60 will flip intraday bias back to the downside for a retest of 14.65 low first. However, strong break of 16.95 resistance will indicate that fall from 18.925, as well as that from 19.50, has completed and will turn outlook bullish for retesting 18.925/19.50 resistance zone.

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Silver Weekly Technical Outlook