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Support Holds - For Now

  • RES 4: $26.222 - High Apr 18 2022 and a key resistance
  • RES 3: $26.135 - High May 5 and bull trigger
  • RES 2: $25.920 - High May 10
  • RES 1: $25.267 - High Jul 20
  • PRICE: $23.540 @ 08:11 BST Aug 1
  • SUP 1: $24.044 - Low Jul 27
  • SUP 2: $23.952 - 50-day EMA
  • SUP 3: $23.109 - Low Jul 12
  • SUP 4: $22.527 - Low Jul 6

A bull cycle in Silver remains in play and recent weakness is considered corrective. However, support at $23.952, the 50-day EMA, appears exposed following the sell-off last Thursday. A clear break of the average would undermine a bullish outlook. Key resistance is at $25.267, the Jul 20 high. Clearance of this hurdle would confirm a resumption of the uptrend that started Jun 23, and open $26.135, the May 5 high.

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