SILVER TECHS: Clears Key Support
Jun-22 07:21By: Taso Anastasiou
- 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: $23.697/24.530 - 20-day EMA / High Jun 12
- PRICE: $22.545 @ 08:19 BST Jun 22
- SUP 1: $22.284 - 61.8% retracement of the Mar 10 - May 5 rally
- SUP 2: $22.157 - Low Mar 21
- SUP 3: $21.375 - 76.4% retracement of the Mar 10 - May 5 rally
- SUP 4: $20.591 - Low Mar 13
A sharp sell-off in Silver yesterday reinforces a bearish theme. The metal has cleared support at $22.682, the May 26 low and bear trigger, to confirm resumption of the downtrend. This paves the way for a move towards $22.284, a Fibonacci retracement point. A break of this level would further strengthen bearish conditions. Key resistance has been refined at $24.530, the Jun 12 high.
