Silver has broken the support area between 15.28 and 15.07. However, the strong support at 14.64 has thus far not been decisively broken. Hourly resistances can be found at 15.58 (50% retracement of last week's decline) and 15.91 (19/11/2014 low).

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