Silver Holds 78.6% Retracement level

International Silver has seen a bounce from the 78.6% of the previous rise. It has possibly completed an expanded flat pattern. A bounce towards 16.78 – 17.05 is possible in the near term as long as it is trading above the swing low of 16.01. However, if it breaks the low of 16.01, then it can drift lower towards 15.80 – 15.59 in the near term. The medium-term outlook remains bullish as long as it is trading above 15.59. The momentum indicator has turned positive.