Silver rebounded after moving below the support at 1.1754 yesterday. However, the short-term succession of higher lows continues to favour a bullish bias. Hourly support and resistance are given at 16.05 (19/12/2017 low) and 16.87 (06/03/2018 high).
In the long-term, the trend remains negative/sideways. Further downside is very likely. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009). The pair is trading below its 200 DMA.
