Free Trial

Bearish Theme Maintained

SILVER TECHS
  • RES 4: $25.851 - Low Sep 8 and a recent breakout level
  • RES 3: $25.814 - 20-day EMA
  • RES 2: $25.235 - High Sep 22
  • RES 1: $23.716 - Low Sep 21
  • PRICE: $22.977 @ 07:00 BST Sep 25
  • SUP 1: $21.677 - Low Sep 24
  • SUP 2: $20.751 - 38.2% retracement of the Mar - Aug rally
  • SUP 3: $20.000 - Psychological round number
  • SUP 4: $19.851 - Low Jul 21

Silver remains bearish following the sharp sell-off on Sep 21 and the subsequent follow through. Wednesday's key technical development was the break of trendline support at $22.686, drawn off the Mar 18 low. This follows a breach earlier this week of former major support at $23.448, Aug 12 low. The outlook remains bearish and the focus is on $20.751 next, a Fibonacci retracement level. $23.716, Sep 21 low marks initial resistance.

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.