Silver continues to decline after its successful test of the resistance at 16.68. Monitor the support at 15.91 (previous resistance), as a break would open the way for a test of the support area between 15.28 and 15.07. An hourly resistance can be found at 16.46 (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. Although the strong support at 14.64 (05/02/2010 low) has held thus far, the lack of any base formation continues to favour a bearish bias. A resistance lies at 17.80 (15/10/2014 high). Another key support can be found at 11.77 (20/04/2009 low).

Daily Technical Report