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: $23.634/25.267 - 50-day EMA / High Jul 20
• PRICE: $22.659 @ 07:26 BST Aug 16
• SUP 1: $22.227 - 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 this week’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 $23.634, the 50-day EMA. A break of this level would signal a possible reversal.