At the beginning of current week SILVER crashed through support at 19.30. In a mod-term this level was important because it was stopping declines for almost two months. This breakout means that the correction will be deeper but the chart still looks optimistic for the bulls.
One of the following levels will be the target for declines: 18.45, 17.80. At 18.45 support coincides with 50% Fibonacci retracement of previous strong upward movement (you can see this on the weekly chart below). Next mentioned 17.80 level will be the last chance for the bulls. Support coincides there with 61,8% Fibonacci retracement. If that level is also broken, the strong weekly candle from the end of June will be negated and it will be a very bad sign.
However, currently the main scenario for SILVER is to return to uptrend. Due to this, current declines should be seen just as a correction and it should finish at 18.45 or 17.80 level.
