February 14, 2025 08:27 GMT
SILVER TECHS: Northbound
SILVER TECHS
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- RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing
- RES 3: $34.903 - High Oct 23 and the bull trigger
- RES 2: $34.000 - Round number resistance
- RES 1: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg
- PRICE: $33.188 @ 08:26 GMT Feb 14
- SUP 1: $31.469/005 - 20- and 50-day EMA values
- SUP 2: $29.704 - Low Jan 27
- SUP 3: $28.748 - Low Dec 19 and bear trigger
- SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
A bull theme in Silver remains intact and today’s strong rally reinforces current conditions. The break higher confirms a resumption of the bull cycle that started Dec 19 and sights are on $33.450, a Fibonacci retracement. Clearance of this level would further strengthen a bull theme. On the downside, key short-term support is seen at 31.006, the 50-day EMA. A clear breach of this level would highlight a potential reversal.
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