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Remains Below Resistance

SILVER TECHS
  • RES 4: $26.002 - High Aug 4
  • RES 3: $25.206 - High Jun 8
  • RES 2: $24.867 - High Sep 3 and the reversal trigger
  • RES 1: $24.828 - High Oct 22
  • PRICE: $24.181 @ 07:19 GMT Nov 8
  • SUP 1: $23.015 - Low Oct 18
  • SUP 2: $22.213 - Low Oct 6
  • SUP 3: $21.423 - Low Sep 29 and key support
  • SUP 4: $20.871 - 50.0% retracement of the Mar '20 - Feb '21 rally

Recent Silver weakness is still weighing on the metal despite the recent bounce. The move lower last week has exposed support at $23.015, Oct 18 low. A break would further threaten the recent bullish theme. This would open $22.213, Oct 6 low and suggest potential for weakness towards $21.423, the Sep 29 low. Key resistance has been defined at $24.828, the Oct 22 high. A break would instead resume the uptrend and expose $24.867 key resistance.

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