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Appears Vulnerable

SILVER TECHS
  • RES 4: $25.851 - Low Sep 8
  • RES 3: $25.562 - High Oct 12 and the near-term bull trigger
  • RES 2: $25.287 - High Oct 21
  • RES 1: $24.617 - High Oct 27
  • PRICE: $23.387 @ 07:18 GMT Oct 29
  • SUP 1: $23.026 - Low Oct 28
  • SUP 2: $22.878 - Low Oct 6
  • SUP 3: $21.677 - Low Sep 24 and the bear trigger
  • SUP 4: $20.751 - 38.2% retracement of the Mar - Aug rally

Silver has pulled away from recent highs and yesterday sold off sharply. The move lower highlights a stronger short-term bearish theme and opens $22.878, Oct 6 low. A break of this support would set the scene for a deeper sell-off, potentially exposing the key bear trigger at $21.677, Sep 24 low. On the upside, initial firm resistance is seen at $24.617, Oct 27 high where a break is required to ease the developing bearish threat.

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