Silver has broken the support at 16.45, validating a double-top formation with an implied downside risk at at 15.62. Hourly supports can be found at 16.11 and 15.83 (19/03/2015 low). Hourly resistances lie at 16.60 (02/04/2015 low) and 16.96 (intraday 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. However, the strong support at 14.66 (05/02/2010 low) has held thus far and prices have then consolidated. A key resistance stands at 18.89 (16/09/2014 high).

Daily Technical Report