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Bear Threat Remains Present Despite Bounce

SILVER TECHS
  • RES 4: $26.135 - High May 5 and a bull trigger
  • RES 3: $26.267 - High Jul 20 and a key resistance
  • RES 2: $25.014/149 - High Aug 30 / High Jul 27
  • RES 1: $23.774 - High Sep 22
  • PRICE: $23.040 @ 08:01 BST Sep 29
  • SUP 1: $22.301 - Low Sep 14
  • SUP 2: $22.227 - Low Aug 15 and key support
  • SUP 3: $22.111 - Low Jun 23 and a bear trigger
  • SUP 4: $21.375 - 76.4% retracement of the Mar 10 - May 5 rally

Silver maintains a softer tone and the pullback from last week’s high signals the end of the recent corrective recovery between Sep 14 - 22. A continuation lower would pave the way for a move towards $22.301, the Sep 14 low, and a breach of this level would strengthen a bearish theme. This would open $22.111, the Jun 23 low. Initial firm resistance has been defined at $23.774, the Sep 22 high. Short-term gains are considered corrective.

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