Silver Trading OutLook

Having failed to sustain the break of the 15.240 to 9.470 decline at 13.036, Silver has now violated trend-line support at 11.940 originating from mid-Jun and Aug 11's 11.750 base.

With momentum continuing to provide a bearish backdrop, the move down defines Sep 5's 13.250 high as an interim top, while paving the way for extended weakness beyond today's 11.675 low en route to 11.360, the 50% retracement of the 9.470 to 13.250 advance.

Near-term resistance cuts in at today's 12.060 high ahead of last Friday's 12.670 peak, but it would take a recovery beyond 13.250 to relieve the broader bearish threat.

Maintain a near-term bearish bias below 12.670, looking for extended downside towards 11.360.