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Silver Awaiting Consolidation Breakout

Silver is in a bearish market. The 4H chart shows the 200-, 100-, and 50-period simple moving averages in bearish alignment, sloping down, spreading apart, and with price below them. The RSI has tagged below 30, and held below 60, which reflects persistent bearish momentum. 

(Silver 4H Chart 9/29)

Consolidation Range: Still, as we begin the week, we can see that price has held above 17.34 in the last 2 weeks. Silver has also found resistance just under 18.00, so we can say it is now in a consolidation range between 17.34 and 18.00. 

Bullish Breakout: If price pops up above 18.00, we silver is probably in a significant consolidation mode with upside toward 18.85-19.00, around the 200-period SMA in the 4H chart and a previous resistance pivot.

Bearish Continuation: Below 17.30, we first see a common support around 17.00, established fro April through August of 2010. Below that, the 2010 low at 14.63 would be the next key support.