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SILVER TECHS: Outlook Remains Bearish

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: $31.754/32.518 - High Jul 11 / High May 20 and bull trigger
  • RES 2: $30.502 - 76.4% retracement of the Jul 11 - Aug 8 bear leg
  • RES 1: $30.192 - High Aug 26 and a key resistance                 
  • PRICE: $28.393 @ 07:59 BST Sep 3
  • SUP 1: $28.045/26.451 - Low AUg 16 / 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 medium-term bearish cycle in Silver remains intact and recent gains appear to have been a correction. The metal on Aug 8, traded to a fresh cycle low, before rebounding and this has exposed key support at $26.018, May 2 low. Key short-term resistance has been defined at $30.192, the Aug 26 high. A resumption of gains and a breach of this hurdle would cancel the bearish theme and expose $30.502 next, a Fibonacci retracement. 

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  • RES 4: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing       
  • RES 3: $31.754/32.518 - High Jul 11 / High May 20 and bull trigger
  • RES 2: $30.502 - 76.4% retracement of the Jul 11 - Aug 8 bear leg
  • RES 1: $30.192 - High Aug 26 and a key resistance                 
  • PRICE: $28.393 @ 07:59 BST Sep 3
  • SUP 1: $28.045/26.451 - Low AUg 16 / 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 medium-term bearish cycle in Silver remains intact and recent gains appear to have been a correction. The metal on Aug 8, traded to a fresh cycle low, before rebounding and this has exposed key support at $26.018, May 2 low. Key short-term resistance has been defined at $30.192, the Aug 26 high. A resumption of gains and a breach of this hurdle would cancel the bearish theme and expose $30.502 next, a Fibonacci retracement.