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SILVER TECHS

Bearish Trend Condition

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Downtrend Snaps - For Now

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Post-PMI Rally, Service Sector Miss

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Remains Below The 50-Day EMA

SILVER TECHS
  • RES 4: $24.666 - High Apr 22
  • RES 3: $23.974 - Low Mar 29
  • RES 2: $23.278 - High May 5
  • RES 1: $22.412/517 - 50-day EMA / High Jun 6
  • PRICE: $21.317 @ 07:58 BST Jun 22
  • 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 the short-term outlook is bearish. 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 and would also highlight a breach of the 50-day EMA at $22.412. For bears, a stronger 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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  • RES 4: $24.666 - High Apr 22
  • RES 3: $23.974 - Low Mar 29
  • RES 2: $23.278 - High May 5
  • RES 1: $22.412/517 - 50-day EMA / High Jun 6
  • PRICE: $21.317 @ 07:58 BST Jun 22
  • 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 the short-term outlook is bearish. 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 and would also highlight a breach of the 50-day EMA at $22.412. For bears, a stronger resumption of weakness would signal potential for a move towards key support and the bear trigger at $20.464, May 13 low.