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MNI

Test, Please Ignore

EUROZONE ISSUANCE

EGB Supply for W/C Jul 26

USDCAD TECHS

Pullback Considered Corrective

US TSYS SUMMARY

What a Short, Strange Trip It's Been

GLOBAL POLITICAL RISK

Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower

AUDUSD TECHS

Trend Indicators Remain Bearish

Accelerates Through Fib Resistance

SILVER TECHS
  • RES 4: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 3: $28.076 - High Apr 9 2013
  • RES 2: $28.033 - 2.0% Upper Bollinger Band
  • RES 1: $27.658 - 200% retracement of August '19 to March '20 fall
  • PRICE: $27.363 @ 06:30 BST Aug 6
  • SUP 1: $22.317 - Low Jul 28 and key near-term support
  • SUP 2: $23.158 - 20-day EMA
  • SUP 3: $22.261 - Low Jul 21
  • SUP 4: $21.283 - Low Jul 22

Silver added to recent gains Wednesday, hitting new cycle highs and topping 26.220, the key 38.2% Fib retracement drawn from the 2011 - 2020 downtrend. This shifts upside targets higher to 27.276 and 28.076. The trend remains in an extreme overbought position, which is worth monitoring for any signs of a top. The initial key support lies at $24.026, the weekly low.