Free Trial

Retracing *RES 4: $19.001 - 76.4%......>

SILVER TECHS
SILVER TECHS: Retracing
*RES 4: $19.001 - 76.4% retracement of Sep 4 - Oct 1 decline
*RES 3: $18.746 - High Sep 24 and key resistance
*RES 2: $18.598 - 61.8% retracement of Sep 4 - Oct 1 decline
*RES 1: $18.338 - High Oct 25
*PRICE: $17.783 @ 07:12 BST Oct 29
*SUP 1: $17.720 - Intraday low
*SUP 2: $17.394 - Trendline support drawn off Oct 1 low
*SUP 3: $17.168 - Low Oct 16
*SUP 4: $17.159 - Former channel resistance drawn off Sep 5 high
Silver rallied Friday through former resistance at $17.958 but has since
stalled. The current pullback could see the metal retrace to a short-term
trendline support drawn off Oct 1 low that intersects at $17.394 today. A break
of this support is required to signal scope for a deeper pullback and perhaps
even a resumption of bearish behaviour. This would open $17.168, Oct 16 low.
Clearance of resistance at $18.338 would instead confirm a resumption of gains.

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.