May 17, 2024 07:02 GMT
Pierces Key Resistance
SILVER TECHS
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- RES 4: $30.912 - 3.00 proj of the Oct 3 - 20 - Nov 13 price swing
- RES 3: $30.100 - Feb 2021 high and a key resistance
- RES 2: $30.000 - Psychological round number
- RES 1: $29.850 - High May 16
- PRICE: $29.742 @ 08:01 BST May 17
- SUP 1: $27.885 - 20-day EMA
- SUP 2: $26.762/018 - 50-day EMA / Low May 2
- SUP 3: $24.328 - Low Mar 27
- SUP 4: $22.277 - Low Feb 28
Silver maintains a bullish theme following this week’s gains. The climb has resulted in a test of key resistance and bull trigger at $29.797, the Apr 12 high. A clear break of this hurdle would confirm a resumption of the uptrend and open $30.100, the Feb 2021 high and a key resistance. Support at the 50-day EMA, at $26.762, remains intact. A clear breach of this average would instead highlight a stronger reversal set-up.
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