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Monitor the horizontal range between 20.63 and 22.50.
• Silver has successfully tested the key support at 20.63 and is now moving towards the resistance at 22.50. A break of this level would validate a potential double-bottom with an implied target around 24.40. Another resistance lies at 23.42. Supports are at 21.68 (previous resistance) and 21.11 (17/10/2013 low).
• The failure to break the strong resistance area between 24.87 and 26.07 (26/09/2011 low), coupled with the subsequent decline, favour the start of a medium-term phase of weakness. Key supports are at 20.63 and 18.23.
• Silver has successfully tested the key support at 20.63 and is now moving towards the resistance at 22.50. A break of this level would validate a potential double-bottom with an implied target around 24.40. Another resistance lies at 23.42. Supports are at 21.68 (previous resistance) and 21.11 (17/10/2013 low).
• The failure to break the strong resistance area between 24.87 and 26.07 (26/09/2011 low), coupled with the subsequent decline, favour the start of a medium-term phase of weakness. Key supports are at 20.63 and 18.23.
See the chart below
