Free Trial

Focus Is On Support

SILVER TECHS
  • RES 4: $26.668 - Trendline resistance drawn off the Aug 7 high
  • RES 3: $25.851 - Low Sep 8
  • RES 2: $25.562 - High Oct 12 and the near-term bull trigger
  • RES 1: $25.287 - High Oct 21
  • PRICE: $24.466 @ 07:09 GMT Oct 28
  • SUP 1: $23.577 - Low Oct 15 and key near-term support
  • SUP 2: $22.878 - Low Oct 6
  • SUP 3: $21.677 - Low Sep 24 and the bear trigger
  • SUP 4: $20.751 - 38.2% retracement of the Mar - Aug rally

Silver has pulled away from recent highs and is consolidating. A bullish theme remains intact, however attention is on support at $23.577, Oct 15 low. The recent break of resistance at $24.515 on Oct 9 confirmed a resumption of the uptrend that started Sep 24. Further gains would set the scene for a climb towards $25.851, Sep 8 low and trendline resistance at $26.615. The trendline is drawn off the Aug 7 high. A $23.577 break would be bearish.

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.