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SILVER TECHS: Bullish Outlook

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $33.738 - 1.618 proj of the Aug 8 - 26 - Sep 6 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: $31.678 @ 08:02 BST Oct 3
  • SUP 1: $30.724/29.898 - 20- and 50-day EMA values   
  • SUP 2: $28.535 - Low Sep 12  
  • SUP 3: $27.686 - Low Sep 6 and a key support  
  • SUP 4: $27.180 - Low Aug 14

Bullish conditions in Silver remain intact and last week’s climb reinforces this set-up. The metal has recently traded through resistance at $31.754, the Jul 11 high. Note too that price has pierced $32.518, the May 20 high and a key resistance. A clear break of this hurdle would confirm a resumption of the medium-term uptrend and open $33.297, a Fibonacci projection. Firm support lies at $29.898, the 50-day EMA.

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  • RES 4: $33.738 - 1.618 proj of the Aug 8 - 26 - Sep 6 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: $31.678 @ 08:02 BST Oct 3
  • SUP 1: $30.724/29.898 - 20- and 50-day EMA values   
  • SUP 2: $28.535 - Low Sep 12  
  • SUP 3: $27.686 - Low Sep 6 and a key support  
  • SUP 4: $27.180 - Low Aug 14

Bullish conditions in Silver remain intact and last week’s climb reinforces this set-up. The metal has recently traded through resistance at $31.754, the Jul 11 high. Note too that price has pierced $32.518, the May 20 high and a key resistance. A clear break of this hurdle would confirm a resumption of the medium-term uptrend and open $33.297, a Fibonacci projection. Firm support lies at $29.898, the 50-day EMA.