Dec. silver is trading around 23.64, up about 27.0 cents as I write today. A weak US dollar provided a bit of a lift for silver, but silver struggled to hold that gain. It will take a sustained rally to repair the chart damage done to the downside from the technical perspective. Infact a break above 24.50 will be needed to sustain any really and entice bulls to come in. a break below 23.00 will signal more corrective, possibly short-term, price action.
The US election is just a few days away, will there be more volatility? It remains to be seen. There is a lot of price actions anticipated around the US election. In my view, regardless of who wins, markets will be looking to digest any significant type of stimulus to continue to support the economy.
Again, it is impressive that the bears continue to keep silver in check. The more significant problem the US faces will be a deflationary/rescission type of environment, which would be challenging to justify any higher silver prices.
Even with the dollar weakness, the technical still favor the bears.