Free Trial

Bears Strengthen Their Hold *RES 4:....>

SILVER TECHS
SILVER TECHS: Bears Strengthen Their Hold
*RES 4: $19.653 - High Sep 4 and key resistance
*RES 3: $18.803 - High Sep 6
*RES 2: $18.746 - High Sep 24 and key near-term resistance
*RES 1: $18.054 - High Sep 26
*PRICE: $17.413 @ 06:51 BST Sep 30
*SUP 1: $17.297 - Low Sep 27
*SUP 2: $16.970 - 50% retracement of the May 28 - Sep 4 rally
*SUP 3: $16.853 - Low Aug 19
*SUP 4: $16.540 - Low Aug 13
Silver begins the week on a softer note. The metal has breached former key
support at $17.400, Sep 13 low. This follows an important reversal last week
where at the close on Sep 25, a candle pattern known as an evening star reversal
was confirmed. The subsequent bearish follow through cements the current weaker
outlook with the focus on a move towards $16.970 next, 50% retracement of May 28
- Sep 4 rally. Initial resistance is at $18.054, Sep 26 high.

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.