Silver: Key Support at 22.07 Intact Thus Far
Silver has thus far failed to break its key support at 22.07 (16/04/2013 low). An hourly resistance is at 22.85. Another resistance can be found at 23.67 (see also the declining trendline).
In the medium-term, we maintain our view of an evolving bear flag in the daily time frame, which will be triggered on a break under the annual low at 22.07, hence our strategy below.
The implied medium-term downside risk, implied by the break of the strong support at 26.07 (26/09/2011 low), is 18.13. A support can be found at 19.48 (15/07/2008 high).