Silver: Breaching Support at 31.94
Silver continues to decline. However, the theoretical target at 31.66 implied by the double-top has almost been reached and prices are getting close to short-term oversold levels. Monitor the support at 31.94 (see also 38.2% retracement from the rise that started on 28 June) for a potential pickup in demand. An hourly resistance is at 32.6 (intraday high).
Silver, like Gold, has been able to hold above its key support. The break of the long-term declining trendline favours a lengthy sideways move. Long-term horizontal resistance is at 37.48.