Impulsive Bull Cycle Remains Intact

• RES 4: $35.745 - 1.236 proj of Jan 22 - Apr 12 - Nov 13 price swing
• RES 3: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
• RES 2: $33.887 - 1.00 proj of the Jan 22 - Apr 12 - Nov 13 price swing
• RES 1: $32.518 - High May 20
• PRICE: $31.434 @ 08:03 BST May 21
• SUP 1: $29.797 - High Apr 12 and a recent breakout level
• SUP 2: $28.571 - 20-day EMA
• SUP 3: $27.139/018 - 50-day EMA / Low May 2
• SUP 4: $24.328 - Low Mar 27

Silver maintains a bullish theme and the metal traded higher Monday. Last week’s rally resulted in a clear break of resistance at $29.797, the Apr 12 high. The breach confirmed a resumption of the uptrend and sights are on $33.887 next, a Fibonacci projection. Short-term pullbacks would be considered correction. A key support zone lies between $28.571-27.139, the 20- and 50-day EMA values.