Free Trial

Bullish Price Sequence Extends

  • RES 4: $25.293 - High Apr 20
  • RES 3: $24.729 - 76.4% retracement of the Mar - Sep bear leg
  • RES 2: $24.000 - Round number resistance
  • RES 1: $23.683 - High Dec 12 and the bull trigger
  • PRICE: $23.425 @ 08:09 GMT Dec 12
  • SUP 1: $22.025 - Low Dec 6 and a key short-term support
  • SUP 2: $21.007/20.585 - 50-day EMA / Low Nov 21 and key support
  • SUP 3: $19.416 - Low Nov 4
  • SUP 4: $18.835 - Low Nov 3

The trend outlook in Silver remains bullish and the metal traded higher last week. The print on Friday above $23.517, Dec 5 high, highlights a continuation of the bull cycle and maintains the bullish price sequence of higher highs and higher lows. This paves the way for a move towards the $24.00 handle. On the downside, key short-term support has been defined at $22.025, the Dec 6 low.

To read the full story



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.