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Has Pulled Away From Recent Highs

  • RES 4: $25.690 - 50.0% retracement of the May - Aug sell-off
  • RES 3: $25.206 - High Jun 8
  • RES 2: $24.867/967 - High Sep3 / 38.2% of the May - Aug sell-off
  • RES 1: $24.411 - High Sep 8
  • PRICE: $23.717 @ 07:21 BST Sep 14
  • SUP 1: $23.388 - Low Sep 13
  • SUP 2: $22.878 - Low Aug 20
  • SUP 3: $22.626 - Low Aug 09 and the bear trigger
  • SUP 4: $21.899 - Low Nov 30, 2020

Silver has pulled away from recent highs. The metal recently cleared the 20-day EMA and did test its 50-day EMA currently at 24.590. The 50-day average has however capped gains so far. A clear breach of it would strengthen the short-term bullish theme and open $24.967 next, a Fibonacci retracement. On the downside, the metal has cleared $23.758, Sep 1 low. This signals a resumption of bearish activity and opens $22.626, Aug 9 low.

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