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SILVER TECHS: Bull Cycle Remains In Play

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • 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: $32.715 - High Sep 26                   
  • PRICE: $31.852 @ 08:17 BST Sep 27
  • SUP 1: $29.619 - 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 this week’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 $29.619, the 50-day EMA.

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  • 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: $32.715 - High Sep 26                   
  • PRICE: $31.852 @ 08:17 BST Sep 27
  • SUP 1: $29.619 - 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 this week’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 $29.619, the 50-day EMA.