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Correction Extends

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $20.876 - High Aug 15 and the bull trigger
  • RES 2: $20.000 - Round number resistance
  • RES 1: $19.473 - 50-day EMA
  • PRICE: $19.154 @ 08:51 BST Sep 12
  • SUP 1: $18.325/17.562 - Low Sep 8 / Low Sep 1 and the bear trigger
  • SUP 2: $16.955 - Low Jun 15 2020
  • SUP 3: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing
  • SUP 4: $15.998 - 76.4% retracement of the 2020 - 2021 bull leg

The Silver outlook is unchanged and remains bearish with short-term gains considered corrective - for now. A broader bearish price sequence of lower lows and lower highs remains intact. Key short-term resistance is seen at 19.473, the 50-day EMA. Clearance of this average would strengthen short-term bullish conditions and signal scope for a stronger correction. A reversal lower would refocus attention on 17.562, the Sep 1 low.

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