Silver: retracing from important resistance at 15.75

Silver approached near last December lows of 14.50 which also represents the down sloping channel since early January and the steeper one in force since May. Currently, Silver is probing the steep channel upper limit at15.75, a break above is needed to prompt positive signals, in which case a larger rebound would unfold towards 16.50 with intermittent resistances at 15.95 and 16.25 

Silver tested near the key support of 14.50/14.20. More importantly 14.20 is the 50% retracement of the uptrend from 200 low to 2011 high (log). With medium term indicators holding support, a range bound action is likely. A break past 15.75 will mean a sustained recovery.