These levels were last seen in April 2009, when the global financial crisis began. The next critical support seems to be at around 12.00 USD, and if this level is taken out, further decline toward this week's lows of 11.85 USD could occur. From the long-term perspective, silver could actually decline toward 8.80 USD, where the post-crisis lows are seen.
However, as the central banks are flooding the markets with liquidity, the greenback should start heading lower when the panic eases, and precious metals might be an excellent opportunity for how to sell the dollar, thus going long silver. The same thing happened after the crisis.
On the smaller time-frame, there is a consolidation pattern forming up, which is usually a continuation pattern. If this triangle is broken to the downside, the support of 11.85 USD will likely be tested. On the other hand, a bullish breakout could lead to some relief rally, with the target near 13.50.
