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Silver - Taking Off

Silver keeps on pushing higher. Hourly support is given at 14.16 (29/01/2016 low). Hourly resistance given at the 38.2% Fibonacci retracement has been broken. The overall technical structure suggests further increase.

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).

Daily Technical Report

 

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