The silver daily chart below shows that nothing has changed since December 2nd. Silver dipped again towards 16.50 as we expected on Friday, but support at 16.10 is remains unchallenged and now it seems like silver is ready to challenge its first resistance at $17.10 if $16.10 remains intact. Any dip below 16.10 will pave the way towards 15.80-15.70. The picture will only be rosy after clearing 17.10, followed by 17.80
Here is another look from the 4 hour chart.
It looks like silver is in the process of forming an inverse head and shoulders bottom pattern, but I believe that any pattern is only worth of consideration when it gives a break in desired direction and in this case, the sustained break above $17.00 is needed for a confident buying. Let the market show the way, whether it proves to be a bottoming pattern for bulls or another consolidation pattern for one more downleg below 16.10 for cheering faces of bears. Any break below 16.10 will give the way towards 15.75 followed by 15.20.
Right now we are in bull camp with stop below $15.75.
Resistance: 17.10/17.80
Support: 16.10/15.75