Free Trial

Remains Vulnerable

SILVER TECHS
  • RES 4: $28.753 - High May 18 and the bull trigger
  • RES 3: $28.556 - High Jun 1
  • RES 2: $28.267 - High Jun 11
  • RES 1: $27.831 - High Jun 16
  • PRICE: $26.822 @ 09:31 BST Jun 17
  • SUP 1: $26.635 - Low Jun 16
  • SUP 2: $26.267 - 50% retracement of the Mar 31 - May 18 rally
  • SUP 3: $26.093 - Low May 4
  • SUP 4: $25.718 - Low Apr 29

Silver is weaker following yesterday's sharp sell-off that resulted in the metal trading below $27.040, Jun 3 low. Furthermore, price has also breached the 50-day EMA reinforcing the developing bearish theme. Further weakness would signal scope for a move towards $26.267, a Fibonacci retracement. On the upside, Initial resistance is seen at yesterday's high of $27.831 ahead of the firmer near-term level at $28.285.

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.