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MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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Silver - Downside Traction

Silver keeps heading toward strong support at 13.51 (19/08/2009 low). The metal is oriented to decline below 14.00. Hourly resistance can be found at 15.45 (declining channel) seems way too far. Expected to see back further weakness toward hourly support at 13.51.

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. Strong support can be found at 11.75 (20/04/2009). A key resistance stands at 18.89 (16/09/2014 high).

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