Silver declined sharply yesterday. Prices are now close to the key support at 16.55 (see also the rising channel), suggesting a potential bounce. Hourly resistances stand at 17.48 (previous support) and 17.69 (27/01/2015 low). Another key support can be found at 15.53.
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).