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Bulls Still In Control

SILVER TECHS
  • RES 4: $28.609 - 76.4% retracement of the Feb 1 - Mar 31 sell-off
  • RES 3: $28.328 - High Feb 23 and a key resistance
  • RES 2: $28.205 - High Feb 25
  • RES 1: $27.883 - High May 10
  • PRICE: $27.352 @ 07:17 BST May 11
  • SUP 1: $26.388 - 20-day EMA
  • SUP 2: $25.718 - Low Apr 29 and key near-term support
  • SUP 3: $25.636 - Low Apr 19
  • SUP 4: $25.199 - Low Apr 14

Silver remains bullish. The metal rallied last week, extending the current bull cycle that started Mar 3. The push higher strengthens a bullish case and confirms a resumption of the recovery from Mar 31. With moving average signals in a bull mode too, further gains are likely towards $28.328, Feb 23 high. This level represents the next key resistance handle. On the downside, key short-term support has been defined at $25.718, Apr 29 low.

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

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