Silver - Monitor The Short-Term Rising Channel
Silver is showing signs of weakness. Monitor the supports implied by the short-term rising channel (around 20.85) and the rising trendline (around 20.79). An hourly resistance now lies at 21.29 (02/07/2014 high). Another support stands at 20.41, whereas another resistance can be found at 21.79.
In the long-term, the trend is negative. However, the successful test of the strong support area between 18.84 and 18.23 (28/06/2013 low) and the break of the resistance at 20.41 (24/02/2014 high) indicate clear exhaustion in the selling pressures. A key resistance stands at 22.18 (24/02/2014 high).