Will the down fall of silver end? Or is there more to go? - http://www.bluemetalmoney.com/4/post/2013/04/will-the-down-fall-of-silver-end-or-is-there-more-to-go.html
Now silver seems to be entering a base formation zone but it is still moving downwards. Strong long term resistances are at 54100 & 63490, minor resistances lie at 50190 & 59974. A critical support level is at 34558 & a very strong support lies at 26671. Minor support is also seen at 40370 which is just below the recent close price.
Supports – 40370, 34558, 26671
Resistances – 50190, 54100, 59974, 63490
For now Silver is continuing its downward trend and has not yet formed a base. If there is an up move, it might not sustain for a very long time, unless such an up-move is supported by a long sideways zone in the metal.