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MNI BRIEF: RBA Holds At 4.35% On Light Data

RBA SAYS FURTHER TIGHTENING WILL "DEPEND UPON THE DATA"

MNI: RBA HOLDS CASH RATE AT 4.35%

MNI: EUROZONE OCT PPI +0.2% M/M, -9.4% Y/Y

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MNI: UK NOV FINAL SERVICES PMI 50.9 (FLASH: 50.5); OCT 49.5

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Bullish Outlook

SILVER TECHS
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  • RES 4: $25.267 - High Jul 20
  • RES 3: $25.014 - High Aug 30
  • RES 2: $24.298 - High Sep 4
  • RES 1: $23.774 - High Sep 22 and a key resistance
  • PRICE: $23.285 @ 08:08 GMT Nov 15
  • SUP 1: $21.883/573 - Low Nov 13 and a key support / Low Oct 9
  • SUP 2: $20.689 - Low Oct 3 and the bear trigger
  • SUP 3: $20.000 - Round number support
  • SUP 4: $19.904 - Low Mar 10 and a key support

A bull cycle in Silver remains in play and the recent move lower appears to have been a correction. For bulls, price has recently traded above the 20- and 50-day EMAs. The break higher strengthens bullish conditions and has opened $23.774, the Sep 22 high. On the downside, support to watch lies at $21.883, the Nov 13 low. A break would highlight a bearish threat and expose key support at $20.689, the Oct 3 low.

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  • RES 4: $25.267 - High Jul 20
  • RES 3: $25.014 - High Aug 30
  • RES 2: $24.298 - High Sep 4
  • RES 1: $23.774 - High Sep 22 and a key resistance
  • PRICE: $23.285 @ 08:08 GMT Nov 15
  • SUP 1: $21.883/573 - Low Nov 13 and a key support / Low Oct 9
  • SUP 2: $20.689 - Low Oct 3 and the bear trigger
  • SUP 3: $20.000 - Round number support
  • SUP 4: $19.904 - Low Mar 10 and a key support

A bull cycle in Silver remains in play and the recent move lower appears to have been a correction. For bulls, price has recently traded above the 20- and 50-day EMAs. The break higher strengthens bullish conditions and has opened $23.774, the Sep 22 high. On the downside, support to watch lies at $21.883, the Nov 13 low. A break would highlight a bearish threat and expose key support at $20.689, the Oct 3 low.