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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: $21.989 @ 16:03 BST Oct 11
  • 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 despite the Monday rally, although Friday’s finish close to the highs possibly signalling a short-term corrective cycle. Last week, the metal breached support at $22.111, the Jun 23 low and a bear trigger. This confirms a resumption of the broader 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.

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