Free Trial

Broader Uptrend Intact

SILVER TECHS
  • RES 4: $26.002 - High Apr 19
  • RES 3: $25.293 - High Apr 20
  • RES 2: $24.729 - 76.4% retracement of the Mar - Sep bear leg
  • RES 1: $24.637 - High Feb 2
  • PRICE: $23.452 @ 07:55 GMT Feb 3
  • SUP 1: $23.113 - 50-day EMA
  • SUP 2: $22.557 - Low Dec 16 and key short-term support
  • SUP 3: $20.872 - Low Nov 28
  • SUP 4: $20.585 - Low Nov 21

Silver failed to hold on to yesterday’s high and remains inside its range. The trend direction is up with moving average studies in a bull mode position. Fresh trend highs in December reinforced the positive theme. Furthermore, the move higher has maintained the positive price sequence of higher highs and higher lows. The focus is on $24.729, a Fibonacci retracement. Key short-term support is at $22.557, the Dec 16 low.

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.