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Under Pressure And Eyeing Major Support

SILVER TECHS
  • RES 4: $29.272 - High Aug 11
  • RES 3: $28.908 - High Sep 1
  • RES 2: $27.628 - High Sep 15and a key near-term resistance
  • RES 1: $25.851 - Low Sep 8 and a recent breakout level
  • PRICE: $24.142 @ 09:07 BST Sep 22
  • SUP 1: $23.716 - Low Sep 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: $22.604 - Trendline support drawn off the Mar 18 low

Silver remains under pressure following yesterday's sharp sell-off. Attention is on the key support at $23.448, Aug 12 low. A break of this level would reinforce the current bearish threat and expose a trendline support that intersects at $22.604. The trendline is drawn off the Mar 18 low. A break of the line would represent an important technical break. On the upside, resistance is at $25.851.

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