Silver has broken hourly support at 14.94 (05/11/2015 low). The potential medium-term base formation and the short-term challenge to range support favours a bearish bias. The resistance at 15.45 (declining channel) has thus far held. Expected to show continued weakness.

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