Bearish Threat Following Trendline Break

• RES 4: $26.222 - High Apr 18 2022
• RES 3: $26.135 - High May 5 and a key resistance
• RES 2: $25.761 - High Dec 4 and key resistance
• RES 1: $24.606/994 - High Dec 22 / 76.4% of Dec 4 - 13 bear leg
• PRICE: $23.173 @ 07:56 GMT Jan 09
• SUP 1: $22.510 - Low Dec 13 and key short-term support
• SUP 2: $21.883 - Low Nov 13 and a key support
• SUP 3: $20.689 - Low Oct 3 and the bear trigger
• SUP 4: $19.904 - Low Mar 10 and a key support

Silver traded lower last week and in the process, breached the trendline drawn from the Oct 5 low. This highlights a bearish threat and exposes key support at $22.510, the Dec 13 low. A break of this level would signal scope for a continuation lower and open $21.883, the Nov 13 low. On the upside, key short-term resistance has been defined at $24.606, the Dec 22 high. A break of this level is required to reinstate a bullish theme.