Free Trial

Monitoring A Downside Threat

SILVER TECHS
  • RES 4: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 3: $29.859 - High Aug 7 and the bull trigger
  • RES 2: $29.272 - High Aug 11 and a key resistance
  • RES 1: $28.471 - High Aig 18
  • PRICE: $26.552 @ 07:21 BST Aug 25
  • SUP 1: $25.860 - 20-day EMA
  • SUP 2: $25.295 - Low Aug 13
  • SUP 3: $23.448 - Low Aug 12 and key support
  • SUP 4: $22.900 - 38.2% retracement of the Mar - Aug rally

Silver stalled last week at $28.471, Aug 18 high. Despite the recovery between Aug 12 - 18, a bearish threat remains present and the metal appears vulnerable with a band of firm resistance evident up to $29.272, Aug 11 high. Sharp losses on Aug 11 highlights a bearish candle pattern, an engulfing line that signals a reversal and scope for a deeper sell-off. Bulls would need to clear $29.272 to offset this risk. The bear trigger is at $23.448.

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.