Free Trial

Pullback Exposes Support

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $21.000 - Round number resistance
  • RES 2: $21.540 - High Jun 27
  • RES 1: $20.876 - High Aug 15 and the bull trigger
  • PRICE: $19.643 @ 08:11 BST Aug 18
  • SUP 1: $19.551/062 - Low Aug 5 / Low Jul 28
  • SUP 2: $18.146/18.000 - Low Jul 14 / Round number support
  • SUP 3: $17.312 - 3.00 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $16.955 - Low Jun 15 2020

Silver has failed to hold on to its recent highs and is trading lower again today. The move has exposed support at $19.551, the Aug 5 low. A break of this level would undermine the recent bullish theme and signal scope for a deeper pullback, exposing $19.062 initially, the Jul 28 low. On the upside, key short-term resistance has been defined at $20.876, the Aug 15 high where a break is required to reinstate a bullish theme.

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.