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Bearish Risk

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: $25.149 - High Jul 27
  • RES 1: $24.020/25.014 - High Sep 5 / High Aug 30
  • PRICE: $23.022@ 07:16 BST Sep 12
  • SUP 1: $22.667 - Low Aug 21
  • 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 is trading at its recent lows. The metal has breached $23.413, the Aug 23 low. The break threatens the recent bullish theme and instead signals scope for a deeper pullback, potentially towards $22.227, the Aug 15 low. For bulls, a reversal higher would refocus attention on resistance at $25.014 and $26.267, the Aug 30 and Jul 20 highs respectively. The latter is a key resistance.

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