Silver Technical Updates

Today's break of 11.830 level along with trend-line resistance and former support from late April along the way now suggests we're likely to see a larger-degree corrective recovery with respect to the major 15.240 to 9.470, May-Jun decline.

The 50% retracement of that decline reside at 12.355 and is a viable objective for a near-term rebound, but with scope for 13.036, the 61.8% retracement thereafter.

Support now cuts in at 11.240, the low from Jul 31 and this is now the minimum level that would need to break to reinstate our preferred broader bearish view to re-focus attention on 10.450, the base from Jul 19.

KEY: Adopt a cautiously bullish bias near-term above 11.240, allowing for further corrective gains towards 12.355.