Silver soared to 29.34 last week but formed a short term top there and pulled back since then. Initial bias remains mildly on the downside this week for further decline to correct recent up trend. Though, strong support is expected at 24.95 cluster support (38.2% retracement of 17.735 to 29.34 at 24.907) and bring rally resumption. On the upside, decisive break of 29.34 will target 261.8 projection of 14.65 to 19.845 from 17.735 at 31.336 next.
In the bigger picture, silver's up trend is still in an acceleration phase. Current rally from 8.4 is treated as resumption of the whole rise from 2001 low of 4.01. 100% projection at 25.84 is already met. And Silver would now be targeting next key projection level at 161.8% projection of 4.01 to 21.44 from 8.4 at 36.6 level. On the downside, break of 20 psychological level is needed to signal medium term reversal. Otherwise, outlook will remain bullish.
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