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Clears Resistance

SILVER TECHS
  • RES 4: $27.931 - High Jan 6 and key resistance
  • RES 3: $27.931 - High Jan 6 and a bull trigger
  • RES 2: $27.017 - 76.4% retracement of the Jan 6 - 18 downleg
  • RES 1: $26.451 - 61.8% retracement of the Jan 6 - 18 downleg
  • PRICE: $26.223 @ 14:10 GMT Jan 28
  • SUP 1: $25.299 - 50-day EMA
  • SUP 2: $24.700 - Jan 27 low
  • SUP 3: $24.945 - Low Jan 19
  • SUP 4: $24.057 - Low Jan 18 and the bear trigger

Silver has traded higher today and in the process has probed resistance at $26.051, Jan 21 high. The strong rebound off yesterday's $24.701 low suggests short-term scope for further strength. Attention turns to $26.451, 61.8% retracement of the sell-off between Jan 6 - 18. A break would open $27.017, the 76.4% retracement. Key near-term support has been defined at $24.701.

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