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SILVER TECHS: Remains Below 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: $28.829/30.192 - 50-day EMA / High Aug 26                 
  • PRICE: $28.737 @ 07:59 BST Sep 12
  • SUP 1: $27.686/26.451 - Low Sep 6 / Low Aug 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 

Silver is unchanged. A medium-term bearish cycle remains intact and short-term gains are considered corrective. Price on Aug 8, traded to a fresh cycle low, before rebounding. This has exposed key support at $26.018, the 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, 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: $28.829/30.192 - 50-day EMA / High Aug 26                 
  • PRICE: $28.737 @ 07:59 BST Sep 12
  • SUP 1: $27.686/26.451 - Low Sep 6 / Low Aug 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 

Silver is unchanged. A medium-term bearish cycle remains intact and short-term gains are considered corrective. Price on Aug 8, traded to a fresh cycle low, before rebounding. This has exposed key support at $26.018, the 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, a Fibonacci retracement.