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Bearish Threat Remains Present

SILVER TECHS
  • RES 4: $27.831 - High Jun 16 2021
  • RES 3: $27.245 - High Jun 17 2021
  • RES 2: $27.000 - Round number resistance
  • RES 1: $26.063/943 - High Mar 10 / High Mar 8 and the bull trigger
  • PRICE: $24.918 @ 07:23 GMT Mar 29
  • SUP 1: $24.487/473/487 - 50-day EMA / Low Mar 16
  • SUP 2: $23.850 - Low Feb 24
  • SUP 3: $22.863 - Low Feb 11
  • SUP 4: $22.008 - Low Feb 3 and a key support

Silver gains last week stalled at $24.847, the Mar 24 high. A short-term bearish theme remains intact and potential is seen for a deeper retracement. Attention is on the 50-day EMA at $24.487. This EMA marks an important support and a break would signal scope for an extension lower. For bulls, a move above $26.00 would refocus attention on the key resistance at 26.943, the Mar 8 high.

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