Free Trial

Bearish Risk Still Present

SILVER TECHS
  • RES 4: $24.886 - High Nov 22
  • RES 3: $24.700 - High Jan 20
  • RES 2: $23.994 - High Jan 25
  • RES 1: $23.170/599 - 50-day EMA / High Jan 27
  • PRICE: $22.561 @ 07:23 GMT Feb 1
  • SUP 1: $22.151 - Low Jan 28
  • SUP 2: $21.949 - Low Jan 7
  • SUP 3: $21.427/423 - Low Dec 15 / Low Sep 29 and key support
  • SUP 4: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally

Silver has reversed the recent bullish theme following last week’s sharp, accelerated sell-off. The metal has breached former support at $22.809, Jan 17 low signalling scope for a deeper retracement. This opens $21.949, the Jan 7 low. A break would reinforce the bearish threat and expose $21.427/423, the Dec 15 and Sep 29 lows and key support. On the upside, initial resistance is seen at $23.170, the 50-day EMA.

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.