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Trend Needle Points South

SILVER TECHS
  • RES 4: $26.943 - High Mar 8 and the bull trigger
  • RES 3: $26.222 - High Apr 18 and a key short-term resistance
  • RES 2: $25.293 - High Apr 20
  • RES 1: $23.095/848.051.142 - 20-day EMA / 50-day EMA
  • PRICE: $21.345 @ 08:06 BST May 12
  • SUP 1: $21.186 - Low May 10
  • SUP 2: $20.983 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 3: $20.871 - 50.0% retracement of the Mar - Aug 2020 bull cycle
  • SUP 4: $20.000 - Psychological round number

Silver remains bearish and is trading near its recent lows. Support at $22.008, the Feb 3 low and a bear trigger, has been breached this week. The move lower reinforces the bearish theme and has also resulted in a break of $21.427/423, the Dec 15 2021 low and Sep 29 2021 low. Sights are on $20.983, a Fibonacci projection. Firm short-term resistance is at $23.255, the 20-day EMA.

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