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US FIX - 25/11/22

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Bearish Focus

  • RES 4: $24.666 - High Apr 22
  • RES 3: $23.974 - Low Mar 29
  • RES 2: $22.524 - 50-day EMA
  • RES 1: $22.517 - High Jun 6
  • PRICE: $21.659 @ 07:25 BST Jun 16
  • SUP 1: $20.896/20.464 - Low Jun 13 / Low May 13 and bear trigger
  • SUP 2: $20.282 - 2.00 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 3: $20.000 - Psychological round number
  • SUP 4: $19.581 - 2.236 proj of the Mar 8 - 29 - Apr 18 price swing

Silver remains below its recent highs and Monday’s sell-off reinforces a bearish theme. The metal recently tested levels above resistance at $22.446, May 27 high. A clear break of this level is still required to suggest scope for an extension higher that would open the 50-day EMA at $22.524. For bears, a resumption of weakness would signal potential for a move towards key support and the bear trigger at $20.464, May 13 low.

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