Silver Weekly Technical Report 13-17/5/2013

After dipping below the ascending trend line shown on image, silver found support at 23.25 level, which is a previous low and key horizontal support. The bearish scenario continues to be favored, and a break below the aforementioned support at 23.25 would confirm further downside, eying the recently recorded lows at 22.00 as the next main downside target.

** Short term ( Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.