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Resumes Weakness

SILVER TECHS
  • RES 4: $26.135 - High May 5 and a key resistance
  • RES 3: $25.761 - High Dec 4 and key resistance
  • RES 2: $24.606/994 - High Dec 22 / 76.4% of Dec 4 - 13 bear leg
  • RES 1: $23.534 - High Jan 12
  • PRICE: $22.625 @ 08:51 GMT Feb 23
  • SUP 1: $21.883 - Low Nov 13 and a key support
  • SUP 2: $20.689 - Low Oct 3 and the bear trigger
  • SUP 3: $19.904 - Low Mar 10 and a key support
  • SUP 4: $19.904 - Low Mar 10 2023

A bearish theme in Silver remains intact and the recovery from Wednesday’s low appears to be a correction. The move lower earlier this week reinforces a bearish theme. The recent breach of support at $22.510, the Dec 13 low, signals scope for $21.883, the Nov 13 low. A break of this level would further strengthen the bearish theme. Initial key resistance to watch is $23.534, Jan 12 high. Clearance of this level would instead highlight a stronger reversal.

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