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Silver - Bearish Breakout of The Tiny Horizontal Range

Silver has thus far successfully tested the key support area between the psychological support at 15.00 and 14.66. However, the break to the downside out of the horizontal range between 15.47 and 15.91 calls for a new test of this key support area. An hourly resistance now lies at 15.68 (intraday high).

In the long-term, the break of the major support area between 18.64 (30/05/2014 low) and 18.22 (28/06/2013 low) confirms an underlying downtrend and favours further decline towards the strong support at 14.64 (05/02/2010 low) at minimum. A resistance lies at 17.80 (15/10/2014 high).

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