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Holding On To The Bulk Of Its Recent Gains

SILVER TECHS
  • RES 4: $21.967 - High Jun 17
  • RES 3: $21.540 - High Jun 27
  • RES 2: $20.876 - High Aug 15 and the bull trigger
  • RES 1: $20.014 - High Sep 12
  • PRICE: $19.376 @ 08:09 BST Sep 15
  • SUP 1: $18.845/17.562 - Low Sep 12 / Low Sep 1 and bear trigger
  • SUP 2: $16.955 - Low Jun 15 2020
  • SUP 3: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing
  • SUP 4: $15.998 - 76.4% retracement of the 2020 - 2021 bull leg

Silver traded sharply higher Monday and this has placed a recent bearish theme on hold - for now. The strong recovery has resulted in a break of both the 20- and 50- day EMAs. The climb signals scope for an extension towards a key resistance at 20.876, the Aug 15 high. On the downside, initial support is seen at Monday’s low of $18.845. A break of this level would signal a reversal of recent gains. Note that the broader trend direction remains down.

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  • RES 4: $21.967 - High Jun 17
  • RES 3: $21.540 - High Jun 27
  • RES 2: $20.876 - High Aug 15 and the bull trigger
  • RES 1: $20.014 - High Sep 12
  • PRICE: $19.376 @ 08:09 BST Sep 15
  • SUP 1: $18.845/17.562 - Low Sep 12 / Low Sep 1 and bear trigger
  • SUP 2: $16.955 - Low Jun 15 2020
  • SUP 3: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing
  • SUP 4: $15.998 - 76.4% retracement of the 2020 - 2021 bull leg

Silver traded sharply higher Monday and this has placed a recent bearish theme on hold - for now. The strong recovery has resulted in a break of both the 20- and 50- day EMAs. The climb signals scope for an extension towards a key resistance at 20.876, the Aug 15 high. On the downside, initial support is seen at Monday’s low of $18.845. A break of this level would signal a reversal of recent gains. Note that the broader trend direction remains down.