Silver improved last Friday as can be seen by the bullish breakout of the resistance at 17.16. Another key resistance stands at 17.75. Hourly supports can now be found at 17.16 (previous resistance) and 17.06 (12/02/2015 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