Yesterday's 0.54% increase in silver halted the preceding two-day decline. The daily-scale Marlin oscillator remained in positive territory and is now ready to support further growth.
The target for the upward movement is 39.89, which lies near the April 2011 low. A consolidation above this level would open the way toward 41.42 — the July 2011 high.
On the four-hour chart, the price bounced off the balance line support yesterday.
This suggests that the entire decline since July 14 has been corrective in nature. However, the Marlin oscillator remains in negative territory and has not yet confirmed the price increase, so the price may continue to move sideways for a few more candles — likely until it touches the MACD line.
