Silver Daily Technical Outlook

With 4 hours MACD dropped below signal line, intraday bias in silver is turned neutral and some retreat might be seen. Nevertheless, as noted before, hole decline from 18.925 might have completed with three waves down to 14.65 already. Further rise is still in favor to 100% projection of 14.65 to 16.56 from 15.61 at 17.525 next and break will target 161.8% projection at 18.708. On the downside, break of 15.61 support is needed to indicate that rise from 14.65 is finished. Otherwise, we'd expect more rally for a retest of 18.925/19.50 resistance zone eventually.

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Silver Daily Technical Outlook