SILVER TECHS: Bearish Trend Structure

• RES 4: $26.771 - High Mar 9 2022
• RES 3: $26.222 - High Apr 18 2022 and a key resistance
• RES 2: $25.477/26.135 - High May 11 / 5 and bull trigger
• RES 1: $23.168/24.530 - 20-day EMA / High Jun 9
• PRICE: $22.835 @ 08:13 BST Jul 3
• SUP 1: $22.111 - Low Jun 23 and the bear trigger
• SUP 2: $21.375 - 76.4% retracement of the Mar 10 - May 5 rally
• SUP 3: $20.591 - Low Mar 13
• SUP 4: $19.904 - Low Mar 10 and a key support

Silver is consolidating. A bearish theme remains intact and the recent gains are considered corrective. The metal recently cleared support at $22.682, the May 26 low and a bear trigger, to confirm a resumption of the downtrend. This paves the way for a move towards the $22.00 handle and $21.375, a Fibonacci retracement point. Key resistance has been refined at $24.530, the Jun 12 high. A break of this level would highlight a reversal.