Free Trial

Outlook Remains Bearish *RES 4:........>

SILVER TECHS
SILVER TECHS: Outlook Remains Bearish
*RES 4: $18.860 - High Jan 6 and primary resistance
*RES 3: $18.367 - High Jan 27 and key near-term resistance
*RES 2: $18.219 - High Jan 28
*RES 1: $18.126 - High Feb 3
*PRICE: $17.652 @ 07:08 GMT Feb 13
*SUP 1: $17.453 - Intraday low
*SUP 2: $17.352 - Low Jan 29 and bear trigger
*SUP 3: $17.080 - 76.4% retracement of the Dec 9 - Jan 8 rally
*SUP 4: $16.887 - Low Dec18
Silver is firmer however despite this, the outlook remains bearish. This follows
the move lower on Jan 28 following a failure at $18.381, 61.8% of the Jan 8 -
Jan 23 decline. The reversal led to a breach of key support at $17.606, Jan 23
low confirming a resumption of the downtrend that started on Jan 8. Further
weakness is likely with scope for $17.080, 76.4% of the Dec 9 - Jan 8 rally. A
break of $17.352 would confirm this potential. Key resistance is $18.367.

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.