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Corrective Bounce

SILVER TECHS
  • RES 4: $23.606 - High Feb 3
  • RES 3: $23.000 - Round number resistance
  • RES 2: $22.340 - 50-day EMA
  • RES 1: $21.834 - 20-day EMA
  • PRICE: $21.111 @ 07:26 GMT Mar 1
  • SUP 1: $20.265 - 61.8% retracement of the Sep 1 - Feb 2 bull leg
  • SUP 2: $20.000 - Psychological round number
  • SUP 3: $19.416 - Low Nov 4
  • SUP 4: $19.232 - 76.4% retracement of the Sep 1 - Feb 2 bull leg

The sharp sell-off in Silver accelerated last week and the trend outlook remains bearish, despite this week’s bounce. The recent move lower exposes $20.265 next, a Fibonacci retracement. Clearance of this level would signal scope for a test and break of the $20.00 handle. Initial resistance to watch is at $21.834, the 20-day EMA. The 50-day EMA intersects at $22.340. The area between these two averages marks a key resistance zone.

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