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SILVER TECHS: Rally Exposes Resistance

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                 
  • PRICE: $30.048 @ 08:10 BST Sep 13
  • SUP 1: $28.870 - 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 Thursday. This undermines a recent bearish theme and exposes key short-term resistance at $30.192, the Aug 26 high. Clearance of this level would strengthen a bullish theme and signal scope for an extension towards $30.502, a Fibonacci retracement. On the downside, key short-term support has been defined at $27.686, the 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: $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                 
  • PRICE: $30.048 @ 08:10 BST Sep 13
  • SUP 1: $28.870 - 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 Thursday. This undermines a recent bearish theme and exposes key short-term resistance at $30.192, the Aug 26 high. Clearance of this level would strengthen a bullish theme and signal scope for an extension towards $30.502, a Fibonacci retracement. On the downside, key short-term support has been defined at $27.686, the Sep 6 low. A breach of this level is required to reinstate a bearish theme.