• RES 4: $25.406 - High Nov 16
• RES 3: $24.886 - High Nov 22
• RES 2: $23.994/24.700 - High Jan 25 / High Jan 20
• RES 1: $23.599 - High Jan 27
• PRICE: $22.656 @ 07:23 GMT Jan 28
• SUP 1: $22.409 - Trendline drawn from the Dec 15 low
• 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 this week’s sharp sell-off that accelerated yesterday. The metal has breached former support at $22.809, Jan 17 low signalling scope for a deeper retracement. This opens $22.409, a trendline support drawn from the Dec 15 low. A break would reinforce the bearish threat. On the upside, initial resistance is seen at Thursday’s high of $23.599.