Silver is trying to bounce close to the key support area between 18.90 and 18.84. Monitor the test of the resistance at 19.64 (03/02/2014 high). Another resistance lies at 19.98 (see also the declining channel). An initial support can be found at 19.28 (04/02/2014 low).

In the longer term, the failure to break the key resistance area between 24.87 (26/04/2013 high) and 26.07 (26/09/2011 low) coupled with an underlying bearish trend call for lower prices. The break of the key support at 20.50 favours a move towards the next key support at 18.23 (28/06/2013 low).

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