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Free AccessCorrecting *RES 4: $18.228 - High......>
SILVER TECHS: Correcting
*RES 4: $18.228 - High Nov 4
*RES 3: $18.036 - Channel top drawn off Sep 24 high
*RES 2: $17.675 - High Nov 7
*RES 1: $17.195 - Intraday high
*PRICE: $17.147 @ 07:13 GMT Nov 19
*SUP 1: $16.646 - Low Nov 12
*SUP 2: $16.540 - Low Aug 13
*SUP 3: $16.337 - 61.8% retracement of May 28 - Sep 4 rally
*SUP 4: $16.270 - Projected bear channel base drawn off Sep 24 high
Recent gains in Silver are still being viewed as a correction. The outlook
remains bearish following the breach on Nov 8 of former key support at $16.891,
Oct 1 low. This reinforced the bearish conditions and confirmed a resumption of
the downtrend that has been in place since prices peaked on Sep 4. Attention is
on a move towards $16.540 next with the bear trigger at $16.646, Nov 12 low. On
the upside, resistance is at $17.675, Nov 11 high.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.