Silver is showing some signs of weakness near the resistance at 17.41, as can be seen by the break of the hourly support at 16.93 (11/12/2014 low). A break of the other hourly support at 16.80 (01/12/2014 high) would confirm a weakening momentum. Another support lies at 16.08. A key resistance stands at 18.00 (23/09/2014 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 14.66 (05/02/2010 low) has held thus far, the lack of any base formation continues to favour a long-term bearish bias. A key resistance lies at 18.00 (23/09/2014 high). Another key support can be found at 11.77 (20/04/2009 low).

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