Bearish Threat

• RES 4: $27.831 - High Jun 16 2021
• RES 3: $27.245 - High Jun 17 2021
• RES 2: $26.943 - High Mar 8 and the bull trigger
• RES 1: $26.222 - High Apr 18 and a key short-term resistance
• PRICE: $24.951 @ 08:07 BST Apr 20
• SUP 1: $24.767/23.974 - 50-day EMA / Low Mar 29 and bear trigger
• SUP 2: $23.850 - Low Feb 24
• SUP 3: $23.173 76.4% retracement of the Feb 3 - Mar 8 rally
• SUP 4: $23.082 - Low Feb 15

Silver has reversed lower from its recent high of $26.222, the Apr 18 high. The move threatens the recent bullish theme and attention turns to support at the 50-day EMA, which intersects at $24.767. Clearance of this EMA would suggest scope for a deeper pullback and open the key support at $23.974, the Mar 29 low. On the upside, clearance of $26.222 would reinstate a bullish theme.