Silver has broken the key resistance area between 17.32 (10/12/2014 high) and 17.41 (28/10/2014 high). Monitor the test of the resistance at 18.00. Another key resistance stands at 18.89. Hourly supports can be found at 17.48 (19/01/2015 low) and 17.23 (15/01/2015 high, see also the short-term rising channel).
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. Key resistances lie at 18.00 (23/09/2014 high) and 18.89 (16/09/2014 high).
Daily Technical Report
