XAG/USD Weekly Chart" title="XAG/USD Weekly Chart" width="474" height="242">
Silver staged a recovery as predicted, and beat 1970/75 making it higher than expected in fact and reaching 1996. However, we collapsed from here and even though we are oversold the outlook is quite negative. Support at 1943/38 needs to be watched carefully and any longs need stops below 1928. Go with a break lower then for 1911/05. A break below 1895 adds pressure and targets 1890.
If however we can continue to hold on to 1943/38 we could recover to 1963/65. We should struggle here but if we continue higher look for strong resistance at 1976/78.