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SILVER TECHS: Bullish Theme

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: $32.518 - High May 20 and bull trigger
  • RES 2: $31.754 - High Jul 11 
  • RES 1: $31.097 - High Sep 16                  
  • PRICE: $30.599 @ 08:03 BST Sep 18
  • SUP 1: $29.079 - 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

Silver traded sharply higher last week and the metal is holding on to its recent gains. This undermines a recent bearish theme and note that key short-term resistance at $30.192, the Aug 26 high, has been cleared. The break strengthens a bullish theme and signals scope for an extension towards $31.754, Jul 11 high. Key short-term support has been defined at $27.686, Sep 6 low. A breach of this level is required to reinstate a bearish theme.

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  • RES 4: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing       
  • RES 3: $32.518 - High May 20 and bull trigger
  • RES 2: $31.754 - High Jul 11 
  • RES 1: $31.097 - High Sep 16                  
  • PRICE: $30.599 @ 08:03 BST Sep 18
  • SUP 1: $29.079 - 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

Silver traded sharply higher last week and the metal is holding on to its recent gains. This undermines a recent bearish theme and note that key short-term resistance at $30.192, the Aug 26 high, has been cleared. The break strengthens a bullish theme and signals scope for an extension towards $31.754, Jul 11 high. Key short-term support has been defined at $27.686, Sep 6 low. A breach of this level is required to reinstate a bearish theme.