Silver: Retracing its Recent Bounce
Silver's bullish reversal near the support at 19.01 favours a short-term phase of stabilisation. An hourly support now lies at 19.32 (see 61.8% retracement). Hourly resistances now stand at 19.68 (intraday high) and 19.93.
In the long-term, the trend is negative. Monitor the key support at 18.84, as a break would increase the odds for a new medium-term phase of weakness. Another key support is at 18.23 (28/06/2013 low). A key resistance stands at 23.09.