Since silver's new low by a tick last year at 26145 in December, we saw the market squeeze into highs of 37580, retesting resistance from where the market broke down from in August. This failed to hold and we have seen the market slowly drift back lower where it is now retesting where it broke out from in December being the 29000-26145 range. This retracement offers bulls a level to defend within 29000 to the 26145 lows, using a break below 26000 as the exit. The target for the move is 32, 35, 38. Failure to hold the 26000 and the market can see further downside room to 20 which would be testing the August 2010 breakout.