I’ve noted that I would wait for the daily MACD to cross positive before calling a low in silver in the near term.  Last week looked constructive, but we never got that positive cross.  Also, the daily MACD has not worked its way down to at least neutral yet, which I would also expect before a bottom.

I also think it’s possible if not probable SLV tags the 200 DMA before we find a bottom.  In any event, I think the daily MACD will confirm a low once we get a positive cross.  The FOMC statement is on the 19th, so it’s doubtful we find a major low before then, but who knows.