Silver’s bullish rally has paused above 16.87 resistance. Succession of higher lows continues to favor a bullish bias as long as uptrend floor holds. Hourly support and resistance are given at 16.05 (01/05/2018 low) and 17.35 (19/04/2018 high). The technical structure suggests short-term upward moves.
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.
