Don't count out Silver just yet...

A couple weeks ago, I noted a bearish divergence on the Weekly Silver chart. We have since seen that divergence play out as Silver fell from $17.30 and cracked below $16, breaking down below a triangle support and a key horizontal support at around $16.15.

But note that this was within a larger triangle,where we can still see Silver is hesitating at the bottom of a strong support zone.

Also, we can note on the Weekly chart that the RSI is near a long term support trendline.

So, I wouldn't agree yet with the doom and gloom of many chartists just yet on Silver unless it breaks below these supports. However, it is crucial that these supports hold.