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Remains Soft

SILVER TECHS
  • RES 4: $27.831 - High Jun 16 2021
  • RES 3: $27.245 - High Jun 17 2021
  • RES 2: $26.943 - High Mar 8 and the bull trigger
  • RES 1: $26.222 - High Apr 18 and a key short-term resistance
  • PRICE: $24.507 @ 07:57 BST Apr 22
  • SUP 1: $23.974 - Low Mar 29 and bear trigger
  • SUP 2: $23.850 - Low Feb 24
  • SUP 3: $23.173 - 76.4% retracement of the Feb 3 - Mar 8 rally
  • SUP 4: $23.082 - Low Feb 15

Silver remains soft following the reversal this week from its recent high of $26.222 on Apr 18. The move threatens the recent bullish theme and note that the 50-day EMA has been cleared - a bearish development. Clearance of this EMA suggests scope for a deeper pullback and opens the key support at $23.974, the Mar 29 low. On the upside, clearance of $26.222 would instead reinstate a bullish theme.

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