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Testing Resistance At The 50-Day EMA

SILVER TECHS
  • RES 4: $23.520 - 76.4% retracement of the Feb 2 - Mar 10 downleg
  • RES 3: $23.000 - Round number resistance
  • RES 2: $22.829 - 61.8% retracement of the Feb 2 - Mar 10 downleg
  • RES 1: $22.385 - High Mar 15
  • PRICE: $21.932 @ 07:19 GMT Mar 17
  • SUP 1: $20.591/19.904 - Low Mar 13 / 10 and the bear trigger
  • SUP 2: $19.416 - Low Nov 4
  • SUP 3: $19.232 - 76.4% retracement of the Sep 1 - Feb 2 bull leg
  • SUP 4: $18.835 - Low Nov 3 2022

Silver remains firm having reversed sharply higher from $19.904, the Mar 10 low. The metal is testing resistance at the 50-day EMA - the average intersects at $21.840. A clear breach of the average would strengthen bullish conditions and signal scope for a climb towards $22.829, a Fibonacci retracement. On the downside, Monday’s low at $20.591 marks initial firm support ahead of the bear trigger at $19.904.

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