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Bullish Price Structure

SILVER TECHS
  • RES 4: $30.100 - High Feb 1 and key resistance
  • RES 3: $30.000 - Round number resistance
  • RES 2: $29.053 - High Feb 2
  • RES 1: $28.753 - High May 18
  • PRICE: $27.783 @ 07:22 BST May 20
  • SUP 1: $27.030 - 20-day EMA
  • SUP 2: $26.721 - Low Mar 13 and key near-term support
  • SUP 3: $26.451 - 50-day EMA
  • SUP 4: $25.718 - Low Apr 29

Silver remains bullish. Price action has probed $28.609, 76.4% of the sell-off between Feb 1 - Mar 31. Tuesday's high of $28.753 marks a short-term bull trigger. A break would confirm a resumption of the uptrend and pave the way for strength towards $29.00 and above. Key short-term support has been defined at $26.721, Mar 13 low. Clearance of this level is required to threaten the trend.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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