Bearish Risk Still Present

• RES 4: $27.628 - High Sep 15
• RES 3: $26.968 - High Sep 21
• RES 2: $26.008 - High Nov 9 and a bull trigger
• RES 1: $25.773 - Trendline resistance drawn off the Aug 7 high
• PRICE: $24.505 @ 07:04 GMT Nov 18
• SUP 1: $23.578 - Low Nov 9
• SUP 2: $23.234 - Low Nov 11
• SUP 3: $22.594 - Low Oct 29
• SUP 4: $21.677 - Low Sep 24 and the key bear trigger

Silver remains vulnerable. The recent Nov 9 sell-off means that trendline resistance drawn off the Aug 7 high and intersecting at $25.773 remains intact. A breach of this trendline is required to reinstate a recent bullish focus and signal scope for a stronger rally. This would open $26.968, Sep 21 high. On the downside weakness through $23.578/234, Nov 9 and 4 low would instead expose the more important near-term support at $22.594, Oct 29 low.