Free Trial

SILVER TECHS: Bull Cycle Remains In Play

SILVER TECHS

Bull Cycle Remains In Play      

  • RES 4: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing     
  • RES 3: $33.297 - 1.50 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.000- Round number resistance  
  • RES 1: $32.282 - High Sep 25                   
  • PRICE: $31.761 @ 08:17 BST Sep 25
  • SUP 1: $29.427 - 50-day EMA   
  • SUP 2: $27.686/26.451 - Low Sep 6 / Low Aug 8
  • SUP 3: $26.018 - Low May 2 and a key support
  • SUP 4: $24.328 - Low Mar 27

Bullish conditions in Silver remain intact and yesterday’s climb reinforces this set-up. The metal has traded through resistance at $31.754, the Jul 11 high. The break exposes the next key resistance at $32.518. Clearance of this hurdle would confirm a resumption of the medium-term uptrend. A breach would open $33.880, a Fibonacci projection. Firm support lies at $29.427, the 50-day EMA.

152 words

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.

Bull Cycle Remains In Play      

  • RES 4: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing     
  • RES 3: $33.297 - 1.50 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.000- Round number resistance  
  • RES 1: $32.282 - High Sep 25                   
  • PRICE: $31.761 @ 08:17 BST Sep 25
  • SUP 1: $29.427 - 50-day EMA   
  • SUP 2: $27.686/26.451 - Low Sep 6 / Low Aug 8
  • SUP 3: $26.018 - Low May 2 and a key support
  • SUP 4: $24.328 - Low Mar 27

Bullish conditions in Silver remain intact and yesterday’s climb reinforces this set-up. The metal has traded through resistance at $31.754, the Jul 11 high. The break exposes the next key resistance at $32.518. Clearance of this hurdle would confirm a resumption of the medium-term uptrend. A breach would open $33.880, a Fibonacci projection. Firm support lies at $29.427, the 50-day EMA.