Bearish Short-Term Structure

• RES 4: $35.736 - 1.236 proj of Jan 22 - Apr 12 - May 2 price swing
• RES 3: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
• RES 2: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
• RES 1: $30.853/32.518 - High May 20 and bull trigger / High Jun 21
• PRICE: $29.375 @ 08:12 BST Jul 2
• SUP 1: $28.573- Low Jun 26
• SUP 2: $27.971 - Low May 13
• SUP 3: $26.018 - Low May 2 and a key support
• SUP 4: $24.328 - Low Mar 27

Support in Silver at $28.659, the Jun 13 low and bear trigger, has recently been pierced. A clear break of it would strengthen a bearish theme and open $27.971, the May 13 low. Note that moving average studies are in a bull-mode set-up. This highlights a medium-term uptrend and suggests that the bear leg since $32.518, the May 20 high, is likely a correction. First resistance to watch is $30.853, the Jun 21 high.