Silver bearish trend may have ended once we broke the trendline that connects the 2011 highs and all the intermediate highs of this bearish trend. This bearish cycle has lasted almost 4 years and based on my experience any new major trend starts with a trendline breakout of previous trend. We already broke to the upside of the trendline that connects the highs of this bearish trend at beginning of the year(see Figure 1), and not only that but we had a successful retest of the broken trendline and it holds now as support which may be another sign that the trend is changing.

Major Levels to watch:
  1. 15.00 round number should act as support
  2. 15.55 Resistance level which need a break and a close above for further upside.
  3. 14.26 intermediate swing low;
Figure 1. Silver Weekly Chart

On the daily chart (see Figure 2) we can see that even though we broke below the key pivot point 15.50 the previous swing low at 14.27 is providing a case for further upside. A close above 15.50 should indicate another run toward 17.30.
Figure 2. Silver Daily Chart


Forecast
: Based on this analysis and my projections we should see an exchange rate for Silver of 15.92 for 1st of October 2015 .

Best Regards,
Daytrader21
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