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Still Vulnerable

SILVER TECHS
  • RES 4: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 3: $29.859 - High Aug 7 and the bull trigger
  • RES 2: $29.272 - High Aug 11 and a key resistance
  • RES 1: $28.471 - High Aig 18 and key intraday resistance
  • PRICE: $27.129 @ 07:16 BST Aug 27
  • SUP 1: $26.075/047 - 20-day EMA and low Aug 21
  • SUP 2: $23.448 - Low Aug 12 and key support
  • SUP 3: $22.900 - 38.2% retracement of the Mar - Aug rally
  • SUP 4: $22.317 - Low Jul 28
Silver traded higher yesterday. Despite the bounce, a bearish threat remains present and the metal appears vulnerable with a band of firm resistance evident up to $29.272, Aug 11 high. Sharp losses on Aug 11 highlights a bearish candle pattern, an engulfing line that signals a reversal and scope for a deeper sell-off. Bulls would need to clear $29.272 to offset this risk. The bear trigger is at $23.448.

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