Silver prices could possibly test $16.75 before moving slightly higher later this week. Prices have held above $16.80 over the past two weeks and $16.95 last week, which may be near-term floors.

While a wave of short selling could push prices lower, most likely toward $16.50 or even $16.25, it may be more likely that investors and speculators will re-enter as buyers around $17.00.

Many investors and bullion traders continue to hold large net long positions in anticipation of another upward move in silver prices.

Macroeconomic data released in recent weeks continues to indicate a healthy recovery is underway, suggesting stronger fabrication demand for silver and other metals. Investment demand for silver remains firm.

There have been no additions or liquidations in the ETF silver holdings in the past week. Combined ETF silver holding stood at 470.3 million ounces on 19 March, unchanged from the prior week.

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