Silver's break of 12.45 support confirms that whole correction from 14.6 is still in progress. Further decline could now be seen towards 11.77 support but after all, we'd still expect downside to be contained there and bring rally resumption. Break of 13.53 will suggest that such correction has completed and will flip intraday bias back to the upside for retesting 14.6 high.
In the bigger picture, whole down trend from 21.44 has completed at 8.4 already. Focus now turns to next resistance at 16, with medium term falling trend line at 15.88 and 61.8% retracement of 21.44 to 8.4 at 16.45. Sustained break will confirm this case and argue that long term up trend is resuming and should target 21.44 high next. On the downside, break of 11.77 support is needed to be the first signal that rise from 8.4 has completed. Otherwise, outlook will remain bullish.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart