Free Trial

Strong Rebound

SILVER TECHS
  • RES 4: $28.316 - High Sep 2, 2020
  • RES 3: $27.931 - High Jan 6 and key resistance
  • RES 2: $27.931 - High Jan 6 and a bull trigger
  • RES 1: $27.017 - 76.4% retracement of the Jan 6 - 18 downleg
  • PRICE: $26.394 @ 07:27 GMT Jan 29
  • SUP 1: $25.662 - 20-day EMA
  • SUP 2: $24.700 - Jan 27 low
  • SUP 3: $24.945 - Low Jan 19
  • SUP 4: $24.057 - Low Jan 18 and the bear trigger

Silver traded higher yesterday and in the process cleared resistance at $26.051, Jan 21 high. The strong rebound off Wednesday's $24.701 low suggests short-term scope for further gains. Attention turns to $27.017, 76.4% retracement of the sell-off between Jan 6 - 18. A break would open $27.931 the Jan 6 high and a key resistance. Firm near-term support has been defined at $24.700.

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.