Silver is fading near the resistance implied by its declining trendline (around 20.63). Hourly supports can be found at 19.71 (38.2% retracement of the recent bounce) and 19.26.

In the longer-term, the downside risk implied by the break of the strong support at 26.07 (26/09/2011 low) is 18.13. A key support can be found at 17.06 (05/05/2010 low). The recent rise is viewed as a short-term rebound as long as the resistance at 20.70 (previous support, see also the declining trendline) holds.

Daily Technical Report