Silver rising pattern started in mid April strengthens following recent rise from 16.76, trading at the January range and heading along 17.30. Hourly resistance at 16.98 (15/02/2018) is now broken. Hourly support and resistance are now given at 16.03 (18/12/2017 low) and 17.67 (25/01/2018 high). The short-term technical structure suggests further short-term increase.
In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading above its 200 DMA. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009).
