Silver is about to make a new low for the decline from 30.00. However, with gold making new lows, we need to be prepared for the possibility of this being the case for silver too. Our preferred count remains that a long-term bottom was found at 17.56 and a new impulsive rally is in its infancy for a new rally towards 30.00 and ultimately towards the all-time high at 50.00 too.
That said, the break lower in gold could lead and take silver lower too. Besides, a break below minor support at 17.85 will be the first good indication that silver will break lower towards the next strong support seen near 16.00.
