Free Trial

Trading Above Support

SILVER TECHS
  • RES 4: $23.567 - High Apr 29
  • RES 3: $23.360 - 61.8% retracement of the Mar - Sep bear leg
  • RES 2: $22.517 - High Jun 6
  • RES 1: $22.251/253 - High Nov 15 / 50.0% of the Mar - Sep bear leg
  • PRICE: $21.307 @ 07:21 GMT Nov 30
  • SUP 1: $20.585 - Low Nov 21
  • SUP 2: $20.351 - 50-day EMA
  • SUP 3: $18.835/17.967 - Low Nov 3 / Low Sep 28
  • SUP 4: $17.562 - Low Sep 1 and bear trigger

The trend outlook in Silver remains bullish and price remains above support. The metal rallied sharply higher on Nov 4 and subsequent gains resulted in a breach of resistance at $21.242, the Oct 4 high. This strengthened short-term bullish conditions and has highlighted a positive price sequence of higher highs and higher lows, opening $22.253, a Fibonacci retracement. First support is seen at $20.585, the Nov 21 low.

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.