Still, emerging market demand for gold has not picked up yet. For instance, China has shown little demand, with the Shanghai Gold Exchange seeing little growth in volume.

SLV now resides more than 8% below its 50-day moving average and more than 9% below its 200-day line. The ETF is also off almost 22% from its 52-week high almost 10% over just the past month, putting the ETF in correction territory.

“There is one more trend-line connecting a swing-low in January to the March low which could hold, but the preferred level to reach is the actual March low at 16.84,” according to DailyFX. “It’s only support if the market treats it as such. An obvious but not-so-obvious statement. Silver may touch support, but will we see signs of buying interest arrive, or will sellers continue to keep momentum intact as it has?”

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