Bear Trend Remains In Play

• RES 4: $21.540 - High Jun 27
• RES 3: $20.876 - High Aug 15 and the bull trigger
• RES 2: $19.580 - 50-day EMA values
• RES 1: $18.850 - 20-day EMA
• PRICE: $18.053 @ 08:19 BST Sep 7
• SUP 1: $17.562 - Low Sep 1 and the bear trigger
• SUP 2: $16.955 - Low Jun 15 2020
• SUP 3: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing
• SUP 4: $15.998 - 76.4% retracement of the 2020 - 2021 bull leg

The Silver outlook remains bearish and recent short-term gains are considered corrective. Last week’s sell-off confirms a resumption of the bear leg that started Aug 15 - the metal has cleared support at $18.146, the Jul 14 low and a bear trigger. The break lower also maintains the bearish price sequence of lower lows and lower highs. The focus is on $16.955 next, the Jun 15 2020 low. Initial firm resistance is seen at $18.850, the 20-day EMA.