Silver has recently been unable to post higher highs, suggesting a weakening short-term bullish momentum. Monitor the test of the hourly support at 17.92, as a break would validate a double-top formation. Other hourly supports can be found at 17.48 (19/01/2015 low) and 17.23 (15/01/2015 high). An hourly resistance now stands at 18.49 (21/01/2015 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 stands at 18.89 (16/09/2014 high).

Daily Technical Report