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Some downside continuation

OIL

Russian Crude to Asia Easing in June

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A busy early start

REFINING

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Death Cross

SILVER TECHS
  • RES 4: $27.831 - High Jun 16
  • RES 3: $26.775/27.245 - High Jul 6 and key resistance / High Jun 17
  • RES 2: $26.467 - High Jul 14
  • RES 1: $26.002 - High Aug 04
  • PRICE: $23.110 @ 16:07 BST Aug 12
  • SUP 1: $22.626 - Low Aug 09
  • SUP 2: $22.434 - 3.0% Lower Bollinger Band
  • SUP 3: $21.899 - Low Nov 30, 2020
  • SUP 4: $20.751 - 50% 2020 Range

Silver remains weak, and has underperformed gold throughout the recovery off the Monday low. This underperformance has accelerated the formation of a death cross in DMA space, adding to bearish pressure on silver. A break and close below Monday's low would be resolutely bearish, opening key Fib support at 20.751. Bulls will have taken heart from the swift bounce off $22.626, however, but need to retake last week's highs at $26.002 to repair the picture.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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