Silver is bouncing back after breaking hourly support at 16.18 (09/02/2018), approaching the 16.50 range. Hourly support and resistance are now given at 16.03 (18/12/2017 low) and 16.98 (15/02/2018 high). The short-term technical structure suggests further short-term rising moves.
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).
