Needle Points South

• RES 4: $24.886 - High Nov 22
• RES 3: $24.700 - High Jan 20
• RES 2: $23.994 - High Jan 25
• RES 1: $23.199/599 - 50-day EMA / High Jan 27
• PRICE: $22.341 @ 07:26 GMT Jan 31
• SUP 1: $22.151 - Low Jan 28
• SUP 2: $21.949 - 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 has reversed the recent bullish theme following last week’s sharp accelerated sell-off. The metal has breached former support at $22.809, Jan 17 low signalling scope for a deeper retracement. This opens $21.949, the Jan 7 low. A break would reinforce the bearish threat and expose $21.427/423, the Dec 15 and Sep 29 lows and key support. On the upside, initial resistance is seen at $23.199, the 50-day EMA.