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SILVER TECHS: Bullish Trend Condition

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
  • RES 3: $34.903 - High Oct 23 and the bull trigger
  • RES 2: $34.000 - Round number resistance  
  • RES 1: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg                                
  • PRICE: $32.972 @ 07:53 GMT Feb 21   
  • SUP 1: $31.820/229 - 20- and 50-day EMA values         
  • SUP 2: $29.704 - Low Jan 27 
  • SUP 3: $28.748 - Low Dec 19 and bear trigger
  • SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

A bull theme in Silver remains intact despite the pullback from last Friday’s high. Recent gains confirm a resumption of the bull cycle that started Dec 19 and sights are on $33.450, a Fibonacci retracement. Clearance of this level would further strengthen a bull theme. On the downside, key short-term support is seen at 31.30, the 50-day EMA. A clear breach of this level would highlight a potential reversal.         

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  • RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
  • RES 3: $34.903 - High Oct 23 and the bull trigger
  • RES 2: $34.000 - Round number resistance  
  • RES 1: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg                                
  • PRICE: $32.972 @ 07:53 GMT Feb 21   
  • SUP 1: $31.820/229 - 20- and 50-day EMA values         
  • SUP 2: $29.704 - Low Jan 27 
  • SUP 3: $28.748 - Low Dec 19 and bear trigger
  • SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

A bull theme in Silver remains intact despite the pullback from last Friday’s high. Recent gains confirm a resumption of the bull cycle that started Dec 19 and sights are on $33.450, a Fibonacci retracement. Clearance of this level would further strengthen a bull theme. On the downside, key short-term support is seen at 31.30, the 50-day EMA. A clear breach of this level would highlight a potential reversal.