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Consolidating

SILVER TECHS
  • RES 4: $25.206 - High Jun 8
  • RES 3: $24.867 - High Sep 3 and the reversal trigger
  • RES 2: $23.986 - 50-day EMA
  • RES 1: $23.201 - 20-Day EMA
  • PRICE: $22.493 @ 07:30 BST Sep 28
  • SUP 1: $22.039 - Low Sep 20 and the bear trigger
  • SUP 2: $21.899 - Low Nov 30, 2020
  • SUP 3: $21.677 - Low Sep 24
  • SUP 4: $20.871 - 50.0% retracement of the Mar '20 - Feb '21 rally

Silver continues to consolidate. Trend conditions are unchanged and remain bearish following recent sharp losses that resulted in a breach of support at $22.626, Aug 9 low. Note that a bearish theme was also recently reinforced following a failure to clear the 50-day EMA that continues to provide resistance. The focus is on $21.899 next, Nov 30, 2020 low. Key trend resistance has been defined at $24.867, Sep 3 high.

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