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Heading North

SILVER TECHS
  • RES 4: $22.253 - 50.0% retracement of the Mar 8 - Sep 1 bear cycle
  • RES 3: $21.967 - High Jun 17
  • RES 2: $21.540 - High Jun 27
  • RES 1: $21.242 - High Oct 4
  • PRICE: $20.732 @ 09:08 BST Oct 7
  • SUP 1: $19.443 - 50-day EMA
  • SUP 2: $17.562 - Low Sep 1 and bear trigger
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing

Silver bulls have returned and strength posted earlier this week together with Wednesday’s late bounce reinforces a bullish theme. Price has cleared resistance at $20.014, the Sep 12 high. This confirms a short-term bullish price sequence of higher highs and higher lows - the definition of an uptrend. The focus is on $21.540, the Jun 27 high. Initial firm support is at $19.443, the 50-day EMA. A break of this average would be bearish.

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