Silver is stabilizing at the range of 16.50, trading close to hourly support at 16.27 (07/02/2018 low). Hourly resistance remains at 16.98 (15/02/2018 high). The technical structure suggests further short-term consolidation.
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).