Free Trial

SILVER TECHS: Has Breached Resistance  

SILVER TECHS
  • RES 4: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg        
  • RES 3: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 2: $31.754/32.518 - High Jul 11 / High May 20 and bull trigger
  • RES 1: $29.972 - High Aug 20                
  • PRICE: $29.435 @ 08:09 BST Aug 22
  • SUP 1: $27.484/26.451- Low Aug 15 / 8
  • SUP 2: $26.018 - Low May 2 and a key support
  • SUP 3: $24.328 - Low Mar 27 
  • SUP 4: $22.277 - Low Feb 28 

A bearish cycle in Silver remains intact and recent gains are considered corrective. The metal on Aug 8, traded to a fresh cycle low and this exposed at key support at $26.018, May 2 low. A clear break of it would strengthen a bearish theme. Note that the 50-day EMA has been cleared and is a concern for bears. The next resistance to watch is $29.728, a Fibonacci retracement. It has been pierced, a clear breach would strengthen a bullish threat. 

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.