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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).

Daily Technical Report

 

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