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Bear Threat Remains Present

SILVER TECHS
  • RES 4: $35.736 - 1.236 proj of Jan 22 - Apr 12 - May 2 price swing
  • RES 3: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
  • RES 2: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 1: $32.518 - High May 20 and the bull trigger
  • PRICE: $28.911 @ 08:11 BST Jun 26
  • SUP 1: $28.659 - Low Jun 13 and the bear trigger
  • SUP 2: $27.971 - Low May 13
  • SUP 3: $26.018 - Low May 2
  • SUP 4: $24.328 - Low Mar 27

Silver is trading above its recent lows, for now. The metal traded lower Jun 7 and cleared $29.381, the Jun 4 low. That break signals scope for a deeper retracement. Note that a bearish corrective cycle is allowing an overbought condition to unwind. Support at the 50-day EMA, at $29.019, has been pierced. A clear break of it would strengthen a bearish theme. A reversal higher would refocus attention on key resistance at $32.518, May 20 high.

Metals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets
Metals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets

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