Free Trial

SILVER TECHS: Heading South

SILVER TECHS
  • RES 4: $25.014 - High Aug 30
  • RES 3: $24.298 - High Sep 4
  • RES 2: $23.774 - High Sep 22 and a key resistance
  • RES 1: $22.176/22.709 - High Oct 2 / 20-day EMA
  • PRICE: $21.021 @ 07:59 BST Oct 4
  • SUP 1: $20.689 - Low Oct 3
  • SUP 2: $20.000 - Round number support
  • SUP 3: $19.904 - Low Mar 10 and a key support
  • SUP 4: $19.585 - 76.4% retracement of the Sep ‘22 - May ‘23 upleg

Silver trend conditions are bearish and this week’s move lower has reinforced this theme. The metal has breached support at $22.111, the Jun 23 low and a bear trigger. This confirms a resumption of the bear cycle that started early May. Sights are on the $20.00 handle next. On the upside, firm resistance has been defined at $23.774, the Sep 22 high. A break of this level is required to signal a short-term reversal.

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.