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SILVER TECHS: Trend Set-Up Still Bullish

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $33.738 - 1.618 proj of the Aug 8 - 26 - Sep 6 price swing    
  • RES 3: $33.297 - 1.50 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.000 - Round number resistance  
  • RES 1: $31.780/32.963 - High Oct 8 / 4 and the bull trigger                    
  • PRICE: $31.506 @ 08:06 BST Oct 14
  • SUP 1: $30.258 - 50-day EMA   
  • SUP 2: $29.153 - Trendline support drawn from the Aug 8 low   
  • SUP 3: $27.686 - Low Sep 6 and a key support  
  • SUP 4: $27.180 - Low Aug 14

Bullish conditions in Silver remain intact and recent short-term weakness is considered corrective. Last week’s move down resulted in a break of the 20-day EMA. Attention turns to support at the 50-day EMA, at $30.258. A clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. On the upside, a reversal higher would signal the end of the correction and refocus attention on $32.963, the Oct 4 high.

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  • RES 4: $33.738 - 1.618 proj of the Aug 8 - 26 - Sep 6 price swing    
  • RES 3: $33.297 - 1.50 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.000 - Round number resistance  
  • RES 1: $31.780/32.963 - High Oct 8 / 4 and the bull trigger                    
  • PRICE: $31.506 @ 08:06 BST Oct 14
  • SUP 1: $30.258 - 50-day EMA   
  • SUP 2: $29.153 - Trendline support drawn from the Aug 8 low   
  • SUP 3: $27.686 - Low Sep 6 and a key support  
  • SUP 4: $27.180 - Low Aug 14

Bullish conditions in Silver remain intact and recent short-term weakness is considered corrective. Last week’s move down resulted in a break of the 20-day EMA. Attention turns to support at the 50-day EMA, at $30.258. A clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. On the upside, a reversal higher would signal the end of the correction and refocus attention on $32.963, the Oct 4 high.