Silver reclaims 200-Day MA at 29.67, hinting at a possible bounce, but resistance and bearish correction risks remain significant in the near term.

Although there is a good chance that silver has not yet completed its bearish correction, a bounce may occur before it continues lower, if it is to eventually do so. On Monday, silver advanced slightly to a three-day high of 29.88, at the time of this writing. That was a reclaim of the 200-Day MA (blue), now at 29.67, and a minor bullish indication. Also, notice that the 200-Day line converges with the 61.8% Fibonacci retracement and previous lows from November.

In other words, there are several indicators identifying the support level that was recently busted and now references potential resistance. If resistance is cleared to the upside, then a bounce could proceed up to test higher resistance around internal uptrend line and the 20-Day MA (purple). Notice that the 20-Day line is converging with the rising trendline and today they both identify the same price area. Currently, the 20-Day line is at 30.62.