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Silver - Ready to Challenge The Declining Trendline

Silver is still on a declining trend-line but we think that the metal is ready to challenge the upper bound of the symmetrical triangle. Yet, the metal is still holding below the 200-day moving average. Support can now be found at 13.98 (24/07/2015 low). Resistance is given at 16.53 (04/06/2015 high) and key resistance lies at 17.75 (18/05/2015 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. The strong support at 14.66 (05/02/2010 low) has been broken and prices have then consolidated. A key resistance stands at 18.89 (16/09/2014 high).

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