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Short-Term Trend Set-Up Remains Bearish

SILVER TECHS
  • 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: $28.936/29.797 - High Apr 19 / 12
  • PRICE: $27.191 @ 08:04 BST Apr 29
  • SUP 1: $26.668 - Low Apr 23
  • SUP 2: $25.935/24.328 - 50-day EMA / Low Mar 27
  • SUP 3: $22.277 - Low Feb 28
  • SUP 4: $21.928 - Low Jan 22 and a key support

A sharp sell-off in Silver on Apr 22 highlights the start of a corrective cycle. The metal has traded through the 20-day EMA and an extension lower would signal scope for a move towards $25.935, the 50-day EMA. Note that a pullback is allowing an overbought trend condition to unwind. A break of the 50-day EMA is required to strengthen a bearish threat. On the upside, key resistance and the bull trigger is at $29.797, the Apr 12 high.

Metals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets
Metals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets

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