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SILVER TECHS: Bearish Cycle Intact

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $34.903 - High Oct 23 and the bull trigger  
  • RES 3: $33.125 - High Nov 1 
  • RES 2: $32.338 - High Dec 12 and a key resistance  
  • RES 1: $30.566 - 50-day EMA                             
  • PRICE: $29.634 @ 08:06 GMT Jan 3  
  • SUP 1: $28.748 - Low Dec 19        
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

A bear cycle in Silver that started Oct 23 remains in play. The metal has recently breached support at $29.642, the Nov 28 low. The break lower opens $28.446, a Fibonacci retracement. Note that moving average studies are in a bear-mode position highlighting a dominant downtrend. Key resistance has been defined at $32.338, the Dec 12 high. A break of this level would signal a reversal.

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  • RES 4: $34.903 - High Oct 23 and the bull trigger  
  • RES 3: $33.125 - High Nov 1 
  • RES 2: $32.338 - High Dec 12 and a key resistance  
  • RES 1: $30.566 - 50-day EMA                             
  • PRICE: $29.634 @ 08:06 GMT Jan 3  
  • SUP 1: $28.748 - Low Dec 19        
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

A bear cycle in Silver that started Oct 23 remains in play. The metal has recently breached support at $29.642, the Nov 28 low. The break lower opens $28.446, a Fibonacci retracement. Note that moving average studies are in a bear-mode position highlighting a dominant downtrend. Key resistance has been defined at $32.338, the Dec 12 high. A break of this level would signal a reversal.