Silver has thus far successfully tested the key support at 20.63 (see also the rising trendline). A break of the resistance at 22.13 is needed to suggest something more than a short-term bounce. Another resistance stands at 23.42. An initial support lies at 21.43 (03/10/2013 low).

The failure to break the strong resistance area between 24.87 and 26.07 (26/09/2011 low), coupled with the subsequent decline, favour the start of a medium-term phase of weakness. Key supports are at 20.63 and 18.23.

Daily Technical Report