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Bearish Corrective Cycle Still In Play

  • RES 4: $27.831 - High Jun 16 2021
  • RES 3: $27.245 - High Jun 17 2021
  • RES 2: $27.000 - Round number resistance
  • RES 1: $26.063/943 - High Mar 10 / High Mar 8 and the bull trigger
  • PRICE: $25.542 @ 08:04 GMT Mar 25
  • SUP 1: $24.473/428 - Low Mar 16 / 50-day EMA
  • SUP 2: $23.850 - Low Feb 24
  • SUP 3: $22.863 - Low Feb 11
  • SUP 4: $22.008 - Low Feb 3 and a key support

Silver traded higher Thursday. Despite these gains, the recent pullback - a correction - is still in play and potential is seen for a deeper short-term retracement. Attention is on the 50-day EMA at 24.428. This EMA marks an important support and a break would signal scope for a resumption of recent weakness. For bulls, a move above $26.00 would refocus attention on the key resistance at 26.943, the Mar 8 high.

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