Silver - Targeting 1-Month High
Silver's upside pressures are definitely back on. As expected hourly resistance at 16.56 (26/05/2016 high) and 16.65 (20/05/2016) have been broken. Hourly support can now be found at 15.82 (01/06/2016 low). Hourly support is given at 17.39 (16/05/2016 high). Stronger daily resistance is given at 18.01 (02/05/2015 high). Expected to show a continued bullish momentum.
In the long-term, the metal has broken a declining downtrend and has started to increase again. A break of resistance at 18.48 (21/05/2015 high) is needed to confirm this view. Strong support can be found at 11.75 (20/04/2009).