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Bears Remain In The Driver’s Seat

SILVER TECHS
  • RES 4: $26.771 - High Mar 9 2022
  • RES 3: $26.222 - High Apr 18 2022 and a key resistance
  • RES 2: $26.135 - High May 5
  • RES 1: $23.920/24.492 - 20-day EMA / Apr 25 low
  • PRICE: $23.052 @ 08:19 BST May 30
  • SUP 1: $22.682 - Low May 26
  • SUP 2: $22.284 - 61.8% retracement of the Mar 10 - May 5 rally
  • SUP 3: $22.157 - Low Mar 21
  • SUP 4: $21.375 - 76.4% retracement of the Mar 10 - May 5 rally

The Silver trend condition remains bearish. The May 11 sell-off confirmed a double top reversal pattern following the break of $24.492, the Apr 25 low. The subsequent bearish extension has reinforced the importance of this reversal signal. Sights are set on $22.284 next, a Fibonacci retracement level. On the upside, initial firm resistance is seen at $24.492, the double top mid-point.

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