Silver testing 20dMA support.

Silver's correction is likely underway as it almost touched US$33.60 per ounce at one point a few hours ago.

The 20dMA is now at US$33.80. A top seems to have been formed for silver in the region of US$36 an ounce and if the 20dMA fails to hold, we could see price falling to test support at the 50dMA which is now at US$30.82.

For anyone waiting to add or to initiate long position in the precious metal, the time to do so could be near.