Traders are scared to death to buy gold and who can blame them, bottom picking is a tough business. Yes, one day it will have a corrective rally, and if you can't resist jumping the gun, call option purchases which entail minimal risk and maximum reward possibilities are the only reasonable path to pursue. Technical signals are oversold which may signal a small corrective bounce. However, the trend is lower so remain bearish until two consecutive closes over 279.7. Silver is now below the bottom of the recent 4-month trading range of 495 to 520 and it looks like it wants to keep drifting lower.
Technical indicators are bearish and prices are now below moving averages.
Congestion in the 496 area is still resistance.