Silver moving in a flag pattern, in on the lower point of the channel. If the channel is broken on the downside, a slide upto 16.82 can be expected.
It has been correcting for some time, there is a possibility that after all the news flow, the short positions will start to unwind and push the prices higher.
Since my ideas can be seen in India only, by the time our exchanges will open, prices will probably settle down. 16.80 is an important support while a breach of 17.8 will aid the bulls to push the prices higher.