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Bearish Theme

SILVER TECHS
  • RES 4: $25.014 - High Aug 30
  • RES 3: $24.298 - High Sep 4
  • RES 2: $23.774 - High Sep 22 and a key resistance
  • RES 1: $22.176/22.398 - High Oct 2 / 20-day EMA
  • PRICE: $20.958 @ 08:12 BST Oct 6
  • SUP 1: $20.689 - Low Oct 3
  • SUP 2: $20.000 - Round number support
  • SUP 3: $19.904 - Low Mar 10 and a key support
  • SUP 4: $19.585 - 76.4% retracement of the Sep ‘22 - May ‘23 upleg

Silver trend conditions are bearish and this week’s move lower has reinforced this theme. The metal has breached support at $22.111, the Jun 23 low and a bear trigger. This confirms a resumption of the bear cycle that started early May. Sights are on the $20.00 handle next. On the upside, firm resistance has been defined at $23.774, the Sep 22 high. A break of this level is required to signal a short-term reversal.

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