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Bearish Theme

SILVER TECHS
  • RES 4: $28.328 - High Feb 23 and key resistance
  • RES 3: $27.595 - High Feb 26
  • RES 2: $27.081 - High Mar 1
  • RES 1: $26.636 - High Mar 18 and firm near-term resistance
  • PRICE: $25.269 @ 09:25 GMT Mar 24
  • SUP 1: $24.7836 - Low Mar 5
  • SUP 2: $24.700 - Low Jan 27
  • SUP 3: $24.057 - Jan 18 low and a key support
  • SUP 4: $23.524 - Low Dec 7

Silver traded lower again yesterday. A bearish risk remains intact and the recent sell-off between Feb 23 - Mar 5 highlights this theme. A former key support at $25.905, Feb 4 low has also recently been cleared and this sets the scene for a deeper pullback exposing $24.700, Jan 27 low ahead of the Jan 18 low at $24.057. The bear trigger remains $24.836, Mar 5 low. On the upside, near-term resistance is seen at $26.636, Mar 18 high.

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