Technical Inference:

Silver prices have broken the strong support below at 19.527 levels (see intraday charts) but bulls are very much active ahead of ECB’s action tomorrow.

Subsequently, upon the sustenance below would be a more bearish environment in silver prices, otherwise bouncing back will have equal chances.

A sharp “Gravestone Doji” pattern has occurred at peaks of 20.248 levels to signify the weakness and as a result, it’s been evidencing bearish effects.

Well, on the other hand, daily RSI has consistently been converging downwards to the prevailing price dips ever since Doji occurred at peaks.

While stochastic curves have also been converging to the price declines as there is a clear %D crossover right from overbought territory that signifies the intensity of the bearish momentum.

The current prices have slid below DMAs, which is a good sign for bears.

On a broader perspective, the major trend is on the verge of consolidation pattern as the bulls may extend up to 17.605 (see the rectangular area on the monthly charts).

From last more than 2 years or so, the prices of silver have been experiencing the resistance and supports at 17.993 and 13.606 between this range.

On the Comex, Silver futures for September delivery shed 21.0 cents, or 1.05%, to trade at $19.79 a troy ounce during morning hours in London

Overall bulls seem to have been exhausted at this juncture atleast in the short-term.

To conclude, the short-term trend seems to be weaker and medium term is on consolidation, while long-term investors may still have to wait for a better clarity.

Trade tips:                                                                              

On the intraday speculative ground, one can eye on one touch binary puts at every rally for minimum targets of 25-30 pips.

In a medium term perspective, very aggressive bulls can also eye on long positions in the silver's mid-month futures on hedging grounds to mitigate the risks of a rise in the price of the underlying prices of this precious metal.