Free Trial

Eroding Initial Resistance

SILVER TECHS
  • RES 4: $28.556 - High Jun 1
  • RES 3: $28.285 - High Jun 11 and a key resistance
  • RES 2: $27.831 - High Jun 16
  • RES 1: $26.728/27.245 - 50-day EMA / High Jun 17
  • PRICE: $26.528 @ 07:22 BST Jul 5
  • SUP 1: $25.949/529 - Low Jul 1 / Low Jun 29
  • SUP 2: $25.199 - Low Apr 14
  • SUP 3: $24.955 - 76.4% retracement of the Mar 31 - May 18 rally
  • SUP 4: $24.686 - Low Apr 13

Silver traded higher Friday and has probed resistance at $26.495, Jun 18 high. A clear break of this level would neutralise a recent bearish theme and instead signal scope for a stronger short-term recovery. This would expose $27.245, high Jun 17. A failure to hold onto recent gains though would refocus attention on the key support and bear trigger at $25.529, Jun 29 low. Clearance of this level resumes the recent downtrend.

To read the full story

Close

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.