Silver is entering a bullish momentum. Hourly resistance at 15.66 (21/08/2015 low) has been broken. Hourly support is given at 13.98 (24/07/2015 low). Expected growing upside momentum. The pair will likely settle above the 200 DMA.

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).

Daily Technical Report