Silver Market Update
Silver did its duty and plunged upon breaking down below the support in the $11.75 area. This drop brought it back to the target given in the last update, at $10.50, which it fell to intraday on Friday. Over the short-term, a period of up to 3 weeks, silver is expected to bounce, possibly as high as about $11.60, this being the underside of the former support that is now resistance. Beyond that, over the next month or two, it is expected to go into retreat again and dig deeper into the current support zone, possibly dropping as low as the $9.50 - $10.00 area. This should mark the end of the corrective phase in force since May.