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Volatile, Outlook Remains Bearish

SILVER TECHS
  • RES 4: $30.100 - High Feb 1
  • RES 3: $29.053 - High Feb 2
  • RES 2: $28.498 - 61.8% retracement of the Feb 1 - 4 sell-off
  • RES 1: $28.003 - 50.0% retracement of the Feb 1 - 4 sell-off
  • PRICE: $27.287 @ Close Feb 19
  • SUP 1: $26.139 - Low Feb 19
  • SUP 2: $25.905 - Low Feb 4
  • SUP 3: $25.483 - 76.4% retracement of the Jan 18 - Feb 1 rally
  • SUP 4: $24.700 - Low Jan 27

Silver had a volatile finish last week, having trading sharply lower early Friday before staging a decent recovery. The metal remains vulnerable following the sell-off on Feb 2. Recent gains are considered a correction and a resumption of weakness is seen likely near-term. A move lower once again would refocus attention on $25.905, Feb 4 low. Clearance of this support would set the scene for a deeper pullback. Resistance is seen at $28.003 and $28.498, Fibonacci retracement levels.

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