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SILVER TECHS: Watching Support The 50-Day EMA

SILVER TECHS
  • RES 4: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg        
  • RES 3: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 2: $31.754/32.518 - High Jul 11 / High May 20 and bull trigger
  • RES 1: $30.502 - 76.4% retracement of the Jul 11 - Aug 8 bear leg                
  • PRICE: $29.587 @ 08:18 BST Aug 29
  • SUP 1: $28.985/26.451- 50-day EMA / 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 

A medium-term bearish cycle in Silver remains intact and recent gains appear to be a correction - for now. The metal on Aug 8, traded to a fresh cycle low (before rebounding) and this exposed key support at $26.018, May 2 low. A clear break of it would strengthen a bearish theme. Note that the 50-day EMA has been cleared and is a concern for bears. A continuation higher would cancel the bearish theme and expose $30.502 next, a Fibonacci retracement.

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