SILVER Prices are inching lower as expecte

Prices are inching lower as expected after completing a Bearish Engulfing candlestick pattern coupled with negative RSI divergence below the 35.00 figure. Sellers have now taken out support at 31.83, the 38.2% Fibonacci retracement, exposing the 50% level at 30.74. The 31.83 level has been recast as resistance, with a break above that targeting the top of a falling channel set from October’s swing high (32.29).

SILVER (Spot) intraday: key ST resistance at 32.1

Pivot: 32.10 Our Preference: SHORT positions below 32.1 with 31.55 & 31.25 as next targets. Alternative scenario: The upside penetration of 32.1 will call for 32.5 & 32.85. Comment: as long as 32.1 is resistance, look for choppy price action with a bearish bias.

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