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Bearish Theme Intact

SILVER TECHS
  • RES 4: $21.000 - Round number resistance
  • RES 3: $21.540 - High Jun 27
  • RES 2: $20.876 - High Aug 15 and the bull trigger
  • RES 1: $19.645/20.087- 20- and 50-day EMA values
  • PRICE: $19.228 @ 08:07 BST Aug 26
  • SUP 1: $18.723 - Low Aug 22
  • SUP 2: $18.146/18.000 - Low Jul 14 / Round number support
  • SUP 3: $17.312 - 3.00 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $16.955 - Low Jun 15 2020

Silver outlook remains bearish despite the latest bounce. The move lower between Aug 15 - 22, resulted in a break of $19.551, Aug 5 low. The breach undermines the recent bullish theme and has exposed the key support and bear trigger at $18.146. A break of this level would confirm a resumption of the broader downtrend. Key S/T resistance has been defined at $20.876, the Aug 15 high where a break is required to reinstate a bullish theme.

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