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Key Support Remains Exposed

SILVER TECHS
  • RES 4: $21.000 - Round number resistance
  • RES 3: $21.540 - High Jun 27
  • RES 2: $20.876 - High Aug 15 and the bull trigger
  • RES 1: $19.395/928- 20- and 50-day EMA values
  • PRICE: $18.431 @ 08:15 BST Aug 31
  • SUP 1: $18.352 - Low Aug 30
  • SUP 2: $18.146/18.000 - Low Jul 14 / Round number support
  • SUP 3: $17.312 - 3.00 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $16.955 - Low Jun 15 2020

The Silver outlook remains bearish - this week’s sell-off confirms a resumption of the bear leg that started Aug 15. Scope is seen for an extension towards $18.146, the Jul 14 low and bear trigger where a break would confirm a resumption of the broader downtrend. Initial firm resistance has been defined at $19.395, the 20-day EMA. A break of this level is required to ease the current bearish pressure.

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