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Extends Bounce

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: $26.718/27.245 - 50-day EMA / High Jun 17
  • PRICE: $26.637 @ 07:25 BST Jul 6
  • 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 continues to trade higher and has breached resistance at $26.495, Jun 18 high. The break of this level neutralises a recent bearish theme and instead signals scope for a stronger short-term recovery. This has exposed $27.245, high Jun 17. A failure to hold onto current strength though would refocus attention on the key support and bear trigger at $25.529, Jun 29 low. Clearance of this level resumes recent bearish pressure.

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