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Bulls Have Paused For Breath

SILVER TECHS
  • RES 4: $26.943 - High Mar 8 2022 and a key resistance
  • RES 3: $26.771 - High Mar 9 2022
  • RES 2: $26.222 - High Apr 18 2022 and a key resistance
  • RES 1: $26.135 - High May 5
  • PRICE: $25.311 @ 07:20 BST May 11
  • SUP 1: $24.492 - Low Apr 25
  • SUP 2: $24.309 - 50-day EMA
  • SUP 3: $23.572 - Low Apr 3
  • SUP 4: $22.828 - Low Mar 28

Silver is consolidating but remains in an uptrend and short-term pullbacks are considered corrective. The metal has recently traded above resistance at $26.088, the Apr 14 high. A continuation higher would confirm a resumption of the uptrend and open $26.222, the Apr 18 2022 high. On the downside, a key near-term support to watch is $24.492, the Apr 25 low. A clear breach would signal scope for a deeper (corrective) pullback.

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