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Approaching Key Support

SILVER TECHS
  • RES 4: $27.245 - High Jun 17 2021
  • RES 3: $26.943 - High Mar 8 and the bull trigger
  • RES 2: $26.222 - High Apr 18 and a key short-term resistance
  • RES 1: $23.775/24.284 - 20-day EMA / 50-day EMA
  • PRICE: $22.345 @ 07:54 BST May 6
  • SUP 1: $22.104 - Intraday low
  • SUP 2: $22.008 - Low Feb 3 and a key support
  • SUP 3: $21.949 - Low Jan 7 2022
  • SUP 4: $21.427 - Low Dec 15

Silver remains bearish following the recent reversal from $26.222, Apr 18 high. This week’s fresh lows have reinforced bearish conditions. Support at $23.974, Mar 29 low and $23.173, 76.4% of the Feb 3 - Mar 8 rally, have recently been cleared. The clear break of the latter has opened $22.008, the Feb 3 low and the next key support. The 50-day EMA, at $24.215 marks a firm resistance. Short-term gains would be considered corrective.

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  • RES 4: $27.245 - High Jun 17 2021
  • RES 3: $26.943 - High Mar 8 and the bull trigger
  • RES 2: $26.222 - High Apr 18 and a key short-term resistance
  • RES 1: $23.775/24.284 - 20-day EMA / 50-day EMA
  • PRICE: $22.345 @ 07:54 BST May 6
  • SUP 1: $22.104 - Intraday low
  • SUP 2: $22.008 - Low Feb 3 and a key support
  • SUP 3: $21.949 - Low Jan 7 2022
  • SUP 4: $21.427 - Low Dec 15

Silver remains bearish following the recent reversal from $26.222, Apr 18 high. This week’s fresh lows have reinforced bearish conditions. Support at $23.974, Mar 29 low and $23.173, 76.4% of the Feb 3 - Mar 8 rally, have recently been cleared. The clear break of the latter has opened $22.008, the Feb 3 low and the next key support. The 50-day EMA, at $24.215 marks a firm resistance. Short-term gains would be considered corrective.