Bearish Risk Remains Present

• RES 4: $30.100 - High Feb 1
• RES 3: $29.053 - High Feb 2
• RES 2: $28.498 - 61.8% retracement of the Feb 1 - 4 sell-off
• RES 1: $28.003 - 50.0% retracement of the Feb 1 - 4 sell-off
• PRICE: $27.212 @ 07:50 GMT Feb 18
• SUP 1: $26.835 - Low Feb 16
• SUP 2: $25.905 - Low Feb 4
• SUP 3: $25.483 - 76.4% retracement of the Jan 18 - Feb 1 rally
• SUP 4: $24.700 - Low Jan 27

Silver is consolidating but remains vulnerable following the sharp sell-off on Feb 2. Recent gains are considered a correction and a resumption of weakness is seen likely near-term. A move lower would refocus attention on $25.905, Feb 4 low and clearance of this support would set the scene for a deeper pullback. On the upside, resistance is seen at $28.003 and $28.498, Fibonacci retracement levels. Key resistance is at $30.100, Feb 1 high.