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Corrective Bounce Extends

  • RES 4: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 3: $29.859 - High Aug 7 and the bull trigger
  • RES 2: $29.272 - High Aug 11
  • RES 1: $28.346 - 76.4% retracement of the Aug 7 - 12 sell-off
  • PRICE: $27.908 @ 07:08 BST Aug 18
  • SUP 1: $25.748 - Low Aug 14
  • SUP 2: $25.295 - Low Aug 13
  • SUP 3: $23.448 - Low Aug 12 and key support
  • SUP 4: $22.900 - 38.2% retracement of the Mar - Aug rally

Silver continues to claw back sizeable losses seen on Aug 11. Despite the extent of recent gains the metal remains vulnerable with a band of strong resistance evident up to $29.272, Aug 11 high. Sharp losses on this day highlighted a bearish candle pattern known as an engulfing line that signals a reversal and scope for a deeper sell-off. Bulls would need to clear $29.272 to offset the bearish risk. The bear trigger lies at $23.448, Aug 12 low.

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