Free Trial

Corrective Bounce

  • RES 4: $23.606 - High Feb 3
  • RES 3: $23.000 - Round number resistance
  • RES 2: $22.340 - 50-day EMA
  • RES 1: $21.834 - 20-day EMA
  • PRICE: $21.111 @ 07:26 GMT Mar 1
  • SUP 1: $20.265 - 61.8% retracement of the Sep 1 - Feb 2 bull leg
  • SUP 2: $20.000 - Psychological round number
  • SUP 3: $19.416 - Low Nov 4
  • SUP 4: $19.232 - 76.4% retracement of the Sep 1 - Feb 2 bull leg

The sharp sell-off in Silver accelerated last week and the trend outlook remains bearish, despite this week’s bounce. The recent move lower exposes $20.265 next, a Fibonacci retracement. Clearance of this level would signal scope for a test and break of the $20.00 handle. Initial resistance to watch is at $21.834, the 20-day EMA. The 50-day EMA intersects at $22.340. The area between these two averages marks a key resistance zone.

To read the full story



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.