Silver - Trying to Bounce
Silver has successfully tested the low of its horizontal range between the support at 17.06 and the resistance at 17.72. However, the hourly resistance at 17.36 needs to be broken to invalidate the current short-term bearish momentum. Another key support stands at 16.68.
In the long-term, the break of the major support area between 18.64 (30/05/2014 low) and 18.23 (28/06/2013 low) confirms an underlying downtrend and favours further decline towards the strong support at 14.64 (05/02/2010 low). A resistance lies at 18.89 (16/09/2014 high).