Bearish Threat Remains Present

• RES 4: $23.886 - 61.8% retracement of the Nov 16 - Dec 15 sell-off
• RES 3: $23.772 - High Nov 24
• RES 2: $23.436 - High Dec 28 and key resistance
• RES 1: $22.829 - High Jan 6
• PRICE: $22.587 @ 07:20 GMT Jan 11
• SUP 1: $21.918 - Low Dec 16
• SUP 2: $21.427/423 - Low Dec 15 / Low Sep 29 and key support
• SUP 3: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally
• SUP 4: $20.000 - Psychological round number

Silver traded lower last week and cleared $22.593, Dec 29 low. The move lower highlights the fact that the metal has failed to remain above the 50-day EMA and bearish price action suggests scope for a deeper short-term sell-off. The focus is on $21.918, Dec 16 low. A break would expose $21.427/423, the Dec 15 and Sep 29 lows. Key resistance is at $23.436, Dec 28 high where a break is required to alter the picture.