Still Vulnerable

• RES 4: $25.851 - Low Sep 8
• RES 3: $25.562 - High Oct 12 and the near-term bull trigger
• RES 2: $25.287 - High Oct 21
• RES 1: $24.617 - High Oct 27 and key near-term resistance
• PRICE: $23.233 @ 07:22 GMT Oct 30
• SUP 1: $22.594 - Low Oct 29
• SUP 2: $22.000 - Round number support
• SUP 3: $21.677 - Low Sep 24 and the bear trigger
• SUP 4: $20.751 - 50.0% retracement of the Mar - Aug rally

Silver has pulled away from recent highs and yesterday traded lower again. This week's sell-off highlights a stronger short-term bearish theme and, following the break of a number of supports, opens $21.677, Sep 24 low and the bear trigger. A break of this support would confirm a resumption of the downtrend that started Aug 7. On the upside, initial firm resistance is seen at $24.617, Oct 27 high where a break would ease the bearish threat.