Corrective Pullback Extends

• RES 4: $26.002 - High Aug 4 2021
• RES 3: $25.406 - High Nov 16
• RES 2: $24.886 - High Nov 22
• RES 1: $23.994/24.700 - High Jan 25 / High Jan 20
• PRICE: $23.282 @ 09:30 GMT Jan 27
• SUP 1: $23.093 - Intraday low
• SUP 2: $22.809/21.949 - Low Jan 17 / Low Jan 7
• SUP 3: $21.427/423 - Low Dec 15 / Low Sep 29 and key support
• SUP 4: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally

Silver is off its recent highs and is lower again today. Technical conditions remain bullish however and the recent pullback is considered corrective. The recent breach of $23.436, Dec 28 high, reinforced bullish conditions following the bounce from $21.949, Jan 7 low. The move higher also highlights a bullish price sequence of higher highs and higher lows. A resumption of strength would open $24.700, Jan 20 high. Firm support is seen at $22.809.