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Watching Support

SILVER TECHS
  • RES 4: $26.222 - High Apr 18 2022 and a key resistance
  • RES 3: $26.135 - High May 5 and bull trigger
  • RES 2: $25.730 - 4.0% 10-dma envelope
  • RES 1: $25.267 - High Jul 20
  • PRICE: $24.202 @ 08:21 BST Jul 28
  • SUP 1: $24.044 - Low Jul 27
  • SUP 2: $23.902 - 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 short-term weakness appears to be corrective. Support to watch is $23.902, the 50-day EMA. A clear break of it would undermine the bullish outlook and signal scope for a deeper pullback. The next bull trigger has been defined at $25.267, the Jul 20 high. Clearance of this hurdle would confirm a resumption of the uptrend that started Jun 23, and pave the way for a climb towards $26.135, the May 5 high.

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