Key Short-Term Resistance Remains Intact

• RES 4: $25.851 - Low Sep 8
• RES 3: $25.235 - High Sep 22
• RES 2: $24.543 - 50-day EMA
• RES 1: $24.515 - High Oct 5
• PRICE: $24.169 @ 07:14 BST Oct 9
• SUP 1: $22.878 - Low Oct 6
• SUP 2: $21.677 - Low Sep 24 and the bear trigger
• SUP 3: $20.751 - 38.2% retracement of the Mar - Aug rally
• SUP 4: $20.000 - Psychological round number

Silver maintains a bearish outlook despite the recent corrective recovery. Tuesday's sell-off signals a reversal of the recent corrective bounce. A bearish pattern, an engulfing candle has appeared on the charts. This highlights risk for a move lower that would open the recent low of 21.677, Sep 24 low and the bear trigger. A break would confirm a resumption of the uptrend. Key short-term resistance has been defined at $24.515, Oct 5 high.