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Bearish Theme Intact

SILVER TECHS
  • RES 4: $27.245 - High Jun 17 2021
  • RES 3: $26.943 - High Mar 8 and the bull trigger
  • RES 2: $26.222 - High Apr 18 and a key short-term resistance
  • RES 1: $24.608 - 50-day EMA
  • PRICE: $23.196 @ 08:01 BST Apr 28
  • SUP 1: $22.999 - Intraday low
  • SUP 2: $22.863 - Low Feb 11
  • SUP 3: $22.008 - Low Feb 3 and a key support
  • SUP 4: $21.949 - Low Jan 7 2022

Silver remains soft following the reversal last week from the Apr 18 high of $26.222. The metal traded lower Monday, starting the week on a bearish note, and bears have not looked back. Support at $23.974, Mar 29 low, has been cleared and $23.173, 76.4% of the Feb 3 - Mar 8 rally, has been probed. A clear break of the latter would open $22.008, the Feb 3 low and a key support. The 50-day EMA, at $24.608, marks resistance.

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