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Pullback Exposes Support

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $21.000 - Round number resistance
  • RES 2: $21.540 - High Jun 27
  • RES 1: $20.876 - High Aug 15 and the bull trigger
  • PRICE: $19.643 @ 08:11 BST Aug 18
  • SUP 1: $19.551/062 - Low Aug 5 / Low Jul 28
  • 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

Silver has failed to hold on to its recent highs and is trading lower again today. The move has exposed support at $19.551, the Aug 5 low. A break of this level would undermine the recent bullish theme and signal scope for a deeper pullback, exposing $19.062 initially, the Jul 28 low. On the upside, key short-term resistance has been defined at $20.876, the Aug 15 high where a break is required to reinstate a bullish theme.

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