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Bearish Theme Remains Intact

  • RES 4: $26.222 - High Apr 18 2022
  • RES 3: $26.135 - High May 5 and bull trigger
  • RES 2: $25.920 - High May 10
  • RES 1: $23.679/25.267 - 50-day EMA / High Jul 20
  • PRICE: $22.663 @ 07:23 BST Aug 15
  • SUP 1: $22.527 - Low Jul 6
  • SUP 2: $22.111 - Low Jun 23 and a bear trigger
  • SUP 3: $21.375 - 76.4% retracement of the Mar 10 - May 5 bull leg
  • SUP 4: $20.591 - Low Mar 13

A bearish theme in Silver remains intact following last week’s extension lower and yesterday’s fresh cycle low. The continuation lower signals scope for a move towards $22.111, the Jun 23 low and a key support. A break of this level would strengthen the current bearish theme. Key resistance is at $25.267, the Jul 20 high. Initial resistance to watch is $23.679, the 50-day EMA. A break of this level would signal a possible reversal.

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