Free Trial

Pullback Considered Corrective

SILVER TECHS
  • RES 4: $26.135 - High May 5 and a bull trigger
  • RES 3: $26.267 - High Jul 20 and a key resistance
  • RES 2: $25.149 - High Jul 27
  • RES 1: $25.014 - High Aug 30
  • PRICE: $24.194 @ 07:24 BST Sep 4
  • SUP 1: $23.921/413 - Low Aug 25 / 23
  • SUP 2: $22.667 - Low Aug 21
  • SUP 3: $22.227 - Low Aug 15 and key support
  • SUP 4: $22.111 - Low Jun 23 and a bear trigger

Recent gains in Silver highlights a stronger short-term bull cycle and the latest pullback is considered corrective. The metal has cleared $24.550 - the 76.4% retracement of the Jul 20 - Aug 14 downleg. This strengthens bullish conditions and a continuation higher would signal scope for a climb towards $25.267, the Jul 20 high and a key resistance. Initial firm support to watch is $23.413, the Aug 23 low. A break would signal a potential reversal.

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.