Silver is now trading largely unchanged on the week near $26.82 having put in a high of $27.81 earlier this week.
The pullback validates bull fatigue signaled by the long upper wick attached to the previous weekly candle and suggests scope for a deeper drop.
Support is seen at $25.90 (last week’s low), which, if breached, would expose the higher low of $24.60 created in January. On the higher side, the weekly high of $27.81 is the resistance to beat for the bulls.
Weekly chart
Trend: Bearish
Technical levels
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