Silver has thus far successfully tested the hourly support at 17.34. However, the persistent succession of lower highs favours a bearish bias. Furthermore, a break of the resistance at 18.02 is needed to significantly improve the technical structure. An initial resistance can be found at 17.74 (26/09/2014 high).

In the long-term, the break of the major support area between 18.64 (30/05/2014 low) and 18.23 (28/06/2013 low) confirms an underlying downtrend. A strong support can be found at 14.64 (05/02/2010 low). A resistance lies at 18.88 (09/09/2014 low).

Daily Technical Report