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Trading Closer To Its Recent Highs

  • RES 4: $25.267 - High Jul 20
  • RES 3: $25.014 - High Aug 30
  • RES 2: $24.298 - High Sep 4
  • RES 1: $23.774 - High Sep 22 and a key resistance
  • PRICE: $23.078 @ 08:04 BST Oct 30
  • SUP 1: $22.371 - Low Oct 17
  • SUP 2: $21.573/20.689 - Low Oct 9 / 3 and the bear trigger
  • SUP 3: $20.000 - Round number support
  • SUP 4: $19.904 - Low Mar 10 and a key support

A bull cycle in Silver remains in play and the metal is trading closer to its recent highs. Price has recently breached both the 20- and 50-day EMAs. The break of the 50-day average, at $22.839, strengthens bullish conditions and the move higher has opened $23.774, the Sep 22 high. For bears, a reversal lower and a break of $20.689, Oct 3 low, would confirm a resumption of the downtrend. Initial support to watch is $22.686, the 20-day EMA.

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