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Still Looking For Weakness Near-Term

SILVER TECHS
  • RES 4: $21.967 - High Jun 17
  • RES 3: $21.540 - High Jun 27
  • RES 2: $20.876 - High Aug 15 and the bull trigger
  • RES 1: $20.014 - High Sep 12
  • PRICE: $19.145 @ 08:19 BST Sep 30
  • SUP 1: $17.562 - Low Sep 1 and bear trigger
  • SUP 2: $16.955 - Low Jun 15 2020
  • SUP 3: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing
  • SUP 4: $15.998 - 76.4% retracement of the 2020 - 2021 bull leg

Silver maintains a softer tone despite its most recent gains. The recent break of $18.845, Sep 12 low, confirms the end of the recent corrective recovery between Sep 1 - 12. A continuation lower would pave the way for a move towards the key support and bear trigger at $17.562, the Sep 1 low. Clearance of this level would confirm a resumption of the broader downtrend. Key resistance is at $20.014, Sep 12 high. A break would be bullish.

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