Bearish Outlook Intact *RES 4:.........>

SILVER TECHS: Bearish Outlook Intact

*RES 4: $18.860 - High Jan 6 and primary resistance

*RES 3: $18.367 - High Jan 27 and key near-term resistance

*RES 2: $18.219 - High Jan 28

*RES 1: $17.979 61.8% retracement of the Jan 27 - Jan 29 decline

*PRICE: $17.658 @ 07:12 GMT Jan 30

*SUP 1: $17.352 - Low Jan 28 and bear trigger

*SUP 2: $17.080 - 76.4% retracement of the Dec 9 - Jan 8 rally

*SUP 3: $16.887 - Low Dec18

*SUP 4: $16.773 - Low Dec 12

Sharp losses dominated Tuesday price action in Silver. This followed a failure

at $18.381, the 618% retracement of the Jan 8 - Jan 23 decline. The sharp

reversal led to a breach of key support at $17.606, Jan 23 low to confirm a

resumption of the downtrend that started on Jan 8, following the sell-off from

that day's high of $18.860. Scope is seen for weakness towards $17.080, 76.4% of

the Dec 9 - Jan 8 rally. Resistance is seen at $18.219.