Today’s terror at Brussels caused temporary volatility, which was corrected in next trading hours. On silver volatility was huge. After sharp upward movement in the morning, decline and rebound occurred which lead price to daily high.
At time-frame H1 we can see a bullish regression channel and lower limit of that channel is located at 15.40 area. Above that area there is 15.70 (current nearest support). It has to be noted that uptrend on silver continues since December 2015. Important level for demand is located at 116.10, after break above that level price should fast reach 10-months high.
Wider view, time-frame W1
Since 3 months silver is moving in uptrend (new local highest highs and highest lows) but in a long term situation looks worse. Since many years silver moved in downtrend. Breaking the trend line is the first positive signal that demand is trying to reverse. Currently important job to do is to break above resistance at 16.10 and reach above 16.50 which will set new 10-months high.