Free Trial

Bearish Risk Still Present

SILVER TECHS
  • RES 4: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 3: $29.859 - High Aug 7 and the bull trigger
  • RES 2: $29.272 - High Aug 11 and a key resistance
  • RES 1: $28.908 - High Sep 1
  • PRICE: $26.886 @ 06:54 BST Sep 14
  • SUP 1: $25.851 - Low Aug 21
  • SUP 2: $24.775 - 50-day EMA
  • SUP 3: $23.448 - Low Aug 12 and key support
  • SUP 4: $22.900 - 38.2% retracement of the Mar - Aug rally

Silver is consolidating and continues to trade at the lower end of its recent range. The outlook is bearish with a firm band resistance up to $29.272, Aug 11 high still intact. A break is required to ease recent bearish signals and expose $29.859, Aug 7 high and the bull trigger. Sharp losses on Aug 11 confirmed a bearish engulfing candle that remains valid. A stronger reversal lower and a clear break of $25.851, Sep 8 low, would open $23.448.

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.