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Recent Gains Considered Corrective

SILVER TECHS
  • RES 4: $26.771 - High Mar 9 2022
  • RES 3: $26.222 - High Apr 18 2022 and a key resistance
  • RES 2: $25.477/26.135 - High May 11 / 5 and bull trigger
  • RES 1: $23.338/24.530 - 20-day EMA / High Jun 12
  • PRICE: $22.815 @ 08:06 BST Jun 28
  • SUP 1: $22.111 - Low Jun 23 and the bear trigger
  • SUP 2: $21.375 - 76.4% retracement of the Mar 10 - May 5 rally
  • SUP 3: $20.591 - Low Mar 13
  • SUP 4: $19.904 - Low Mar 10 and a key support

A sharp sell-off in Silver last week reinforces a bearish theme and the latest gains are considered corrective. The metal has cleared support at $22.682, the May 26 low and bear trigger, to confirm resumption of the downtrend. This paves the way for a move towards the $22.00 handle and $21.375, a Fibonacci retracement point. Key resistance has been refined at $24.530, the Jun 12 high. A break of this level would highlight a reversal.

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