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$16.855 Support Key & Under Pressure...>

SILVER TECHS
SILVER TECHS: $16.855 Support Key & Under Pressure
*RES 4: $17.488 - Low June 5 now resistance
*RES 3: $17.376 - Daily Bull channel top 
*RES 2: $17.240 - High Aug 10 
*RES 1: $17.002 - Hourly resistance Aug 15
*PRICE: $16.914 @ 0430GMT
*SUP 1: $16.855 - Low Aug 10
*SUP 2: $16.623- 55-DMA
*SUP 3: $16.621 - 21-DMA
*SUP 4: $16.450 - Hourly support Aug 9a
*COMMENTARY: Hesitation ahead of Thursday's high has resulted in a correction
that leaves silver looking heavy and pressuring the $16.855 support. Bears
continue to look for a close below $16.855 to confirm an easing of bullish
pressure and to shift immediate focus to 21 & 55-DMAs. Initial resistance is now
noted at $17.002 with bulls needing a close above to gain breathing room and
above $17.240 to retain focus on $17.488-17.750.

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