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Bulls Remain In Charge Despite Pullback

SILVER TECHS
  • RES 4: $27.628 - High Sep 15 and a key resistance
  • RES 3: $27.172 - Trendline resistance drawn off the Aug 7 high
  • RES 2: $25.851 - Low Sep 8
  • RES 1: $25.562 - High Oct 12
  • PRICE: $24.121 @ 07:03 BST Oct 14
  • SUP 1: $23.834 - Low Oct 9
  • SUP 2: $22.878 - Low Oct 6 and key near-term support
  • SUP 3: $21.677 - Low Sep 24 and the bear trigger
  • SUP 4: $20.751 - 38.2% retracement of the Mar - Aug rally

Silver offset recent bearish threats with a rally on Oct 9, clearing resistance at $24.515, Oct 5 high. The break higher confirmed a resumption of the uptrend that started on Sep 24. An extension higher would set the scene for a climb towards $25.851, Sep 8 low and trendline resistance at $27.172. The trendline is drawn off the Aug 7 high. Recent dips are likely a correction. Key support lies at $22.878, Oct 6 low.

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