Silver (17.12.2013) traded in tight range from last few weeks & probably building a support area.
Now silver is trading around $19.78 & as we can see on charts silver fall sharply with gold in last weeks, even little more compare to gold. Meanwhile it touched the 161.8% feb correction area of the last ascending wave around $18.86 & bounced back. However the bounce was restricted at 38.2% correction. The current downside move can be consider as a correction due to inside candlestick pattern & over bought indicators on small time frame. At the same time we also witness a upside channel inside the medium term descending channel, which suggest for more upside move in coming weeks. Candlestick pattern is positive while indicators are neutral now.
On fundamental side coming FOMC event will play important role. Expecting again a no result event from fomc & could delay tapering for new year,
Based on above studies, we will prefer to buy silver for possible targets around $20.55 & then may be $21.44. Only a day close below $18.86 will delay the forecast.