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Approaching Resistance

SILVER TECHS
  • RES 4: $30.912 - 3.00 proj of the Oct 3 - 20 - Nov 13 price swing
  • RES 3: $30.100 - Feb 2021 high and a key resistance
  • RES 2: $30.000 - Psychological round number
  • RES 1: $29.797 - High Apr 12 and the bull trigger
  • PRICE: $28.131 @ 09:23 BST May 13
  • SUP 1: $26.210/018 - 50-day EMA / Low May 2
  • SUP 2: $24.328 - Low Mar 27
  • SUP 3: $22.277 - Low Feb 28
  • SUP 4: $21.928 - Low Jan 22 and a key support

Silver has recovered well from recent lows. Initial resistance has given way at $27.732, the Apr 26 high. The break of this level undermines the bearish theme and signals scope for a stronger recovery. The key resistance and bull trigger is at $29.797, the Apr 12 high. Support at the 50-day EMA, at $26.210, remains intact. A clear breach of this average would instead confirm a resumption of the bear leg that started Apr 12.

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