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Bull Cycle Extends

SILVER TECHS
  • RES 4: $26.135 - High May 5 and a bull trigger
  • RES 3: $26.267 - High Jul 20 and a key resistance
  • RES 2: $25.149 - High Jul 27
  • RES 1: $24.797 - High Aug
  • PRICE: $24.591 @ 08:03 BST Aug 30
  • SUP 1: $23.921/413 - Low Aug 25 / 23
  • SUP 2: $22.667 - Low Aug 21
  • SUP 3: $22.227 - Low Aug 15 and key support
  • SUP 4: $22.111 - Low Jun 23 and a bear trigger

Last week’s move higher in Silver highlights a stronger short-term bull cycle and yesterday’s gains reinforces this theme. The metal has cleared $24.550 - the 76.4% retracement of the Jul 20 - Aug 14 downleg. This strengthens bullish conditions and a continuation higher would signal scope for a climb towards $25.267, the Jul 20 high and a key resistance. Initial support to watch is $23.413, the Aug 23 low. A break would signal a potential reversal.

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