Silver is giving signs of further weakness following recent consolidation phase at the 16.30 range, approaching hourly support at 16.18 (09/02/2018 low). Hourly resistance at 16.98 (15/02/2018 high) is distanced. The short-term technical structure suggests further short-term decrease.
In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading below its 200 DMA. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009).
