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Appears Vulnerable Near-Term

SILVER TECHS
  • RES 4: $28.316 - High Sep 2
  • RES 3: $27.931 - High Jan 6 and a bull trigger
  • RES 2: $27.214 - High Jan 8
  • RES 1: $25.907 - 20-day EMA
  • PRICE: $25.495 @ 07:13 GMT Jan 12
  • SUP 1: $24.346 - Low Jan 11
  • SUP 2: $24.203 - 61.8% of the rally between Nov 30 and Jan 6
  • SUP 3: $23.646 - Trendline resistance drawn off the Aug 7 high
  • SUP 4: $23.323 - 76.4% of the rally between Nov 30 and Jan 6

Silver traded sharply lower Friday and despite recovering off yesterday's low, appears vulnerable. The metal traded through $24.977, Dec 21 low signalling scope for a deeper pullback. The next support is at $24.203, 61.8% of the rally between Nov 30 and Jan 6. A break of this level would expose the former trendline resistance drawn off the Aug 7 high. The line intersects at $23.646. Initial resistance is at $25.907.

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