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SILVER TECHS: Bullish Extension

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $34.903 - High Oct 23 and the bull trigger  
  • RES 3: $33.125 - High Nov 1 
  • RES 2: $32.338 - High Dec 12 and a key resistance  
  • RES 1: $31.737 - High Jan 30                              
  • PRICE: $31.523 @ 08:16 GMT Jan 31  
  • SUP 1: $29.704/28.748 - Low Jan 27 / Low Dec 19 and bear trigger        
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

Silver traded higher Thursday. A bear cycle that started on Oct 23 last year remains in play and recent gains are considered corrective. However, the latest move higher does suggest scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would highlight a reversal. Support to watch is $29.704, the Jan 27 low, and $29.748, the Dec 19 low and the bear trigger.  

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  • RES 4: $34.903 - High Oct 23 and the bull trigger  
  • RES 3: $33.125 - High Nov 1 
  • RES 2: $32.338 - High Dec 12 and a key resistance  
  • RES 1: $31.737 - High Jan 30                              
  • PRICE: $31.523 @ 08:16 GMT Jan 31  
  • SUP 1: $29.704/28.748 - Low Jan 27 / Low Dec 19 and bear trigger        
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

Silver traded higher Thursday. A bear cycle that started on Oct 23 last year remains in play and recent gains are considered corrective. However, the latest move higher does suggest scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would highlight a reversal. Support to watch is $29.704, the Jan 27 low, and $29.748, the Dec 19 low and the bear trigger.