Free Trial

Bearish Despite Recent Gains

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $21.242 - High Oct 4 and key resistance
  • RES 2: $20.499 - 76.4% retracement of the Oct 4 - 14 downleg
  • RES 1: $20.039 - 61.8% retracement of the Oct 4 - 14 downleg
  • PRICE: $19.416 @ 08:07 BST Oct 28
  • SUP 1: $18.791/17.967 - Low Oct 25 / Low Sep 28
  • SUP 2: $17.562 - Low Sep 1 and bear trigger
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing

The Silver outlook remains bearish despite its latest gains. The recent move below the 50-day EMA reinforced bearish conditions. This signals scope for a continuation of the reversal that started Oct 4 and the focus is on the next firm support at $17.967, the Sep 28 low. Clearance of this level would open $17.562, the Sep 1 low and the bear trigger. Resistance is seen at $20.039, a Fibonacci retracement.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.