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Bullish Outlook

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: $25.014 - High Aug 30
  • PRICE: $24.474 @ 07:57 BST Aug 31
  • 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

Recent gains in Silver highlights a stronger short-term bull cycle and the latest pullback is considered corrective. 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 firm support to watch is $23.413, the Aug 23 low. A break would signal a potential reversal.

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