Remains Vulnerable

• RES 4: $28.316 - High Sep 2
• RES 3: $27.931 - High Jan 6 and a bull trigger
• RES 2: $27.214 - High Jan 8
• RES 1: $25.812 - 20-day EMA
• PRICE: $25.240 @ 07:20 GMT Jan 14
• SUP 1: $24.346 - Low Jan 11
• SUP 2: $24.203 - 61.8% of the rally between Nov 30 and Jan 6
• SUP 3: $23.534 - Trendline resistance drawn off the Aug 7 high
• SUP 4: $23.323 - 76.4% of the rally between Nov 30 and Jan 6

Silver traded sharply lower Jan 8 and despite recovering off Monday's low, still appears vulnerable. The metal has traded through $24.977, Dec 21 low signalling scope for a deeper pullback. The next support is at $24.203, 61.8% of the rally between Nov 30 and Jan 6. A break would open former trendline resistance at $23.534, drawn off the Aug 7 high. Initial resistance is $25.812.