MNI: PBOC Net Drains CNY103.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1901 Fri; -2.13% Y/Y

MNI BRIEF: China's LPR Holds Steady In Dec

MNI: BANXICO CUTS RATES BY 25BPS TO 10.0% AS EXPECTED

MNI BRIEF: Fed To Expand SRF Around Year-End Market Pressures

MNI CNB WATCH: Rate Held At 4.0%; Inflation Rise 'Temporary'

MNI: GERMANY NOV PRODUCER PRICES +0.1% Y/Y

MNI: SWEDEN NOV RETAIL SALES +1.6% Y/Y

MNI: UK NOV RETAIL SALES +0.2% M/M, +0.5% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SILVER TECHS: Pierces Trendline Support

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg  
  • RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
  • RES 1: $32.252 - 20-day EMA                         
  • PRICE: 31.283 @ 08:08 GMT Nov 11 
  • SUP 1: $29.680 - 61.8% retracement of the Aug 8 - Oct 23 bull cycle      
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

Bullish conditions in Silver remain intact and the bear cycle that started on Oct 23 is considered corrective - for now. However this corrective cycle remains in play and the metal continues to weaken. Price has breached the 20- and 50-day EMAs, and pierced $30.446, a trendline support. A clear break would expose $29.680, a Fibonacci retracement. For bulls, a reversal higher would refocus attention on $34.903, the Oct 23 high and bull trigger.

175 words

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.
  • RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg  
  • RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
  • RES 1: $32.252 - 20-day EMA                         
  • PRICE: 31.283 @ 08:08 GMT Nov 11 
  • SUP 1: $29.680 - 61.8% retracement of the Aug 8 - Oct 23 bull cycle      
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

Bullish conditions in Silver remain intact and the bear cycle that started on Oct 23 is considered corrective - for now. However this corrective cycle remains in play and the metal continues to weaken. Price has breached the 20- and 50-day EMAs, and pierced $30.446, a trendline support. A clear break would expose $29.680, a Fibonacci retracement. For bulls, a reversal higher would refocus attention on $34.903, the Oct 23 high and bull trigger.