Free Trial

Trend Condition Is Bearish

SILVER TECHS
  • RES 4: $25.206 - High Jun 8
  • RES 3: $24.867 - High Sep 3 and the reversal trigger
  • RES 2: $23.637 - 50-day EMA
  • RES 1: $22.828/23.144 - 20-Day EMA / High Sep 22
  • PRICE: $22.428 @ 07:28 BST Oct 6
  • SUP 1: $21.423 - Low Sep 29
  • SUP 2: $20.871 - 50.0% retracement of the Mar '20 - Feb '21 rally
  • SUP 3 :$20.000 - Psychological round number
  • SUP 4: $19.851 - Low Jul 21, 2020

The Silver outlook is unchanged and remains bearish. The metal broke lower Sep 29 and cleared $22.039, Sep 20 low. This confirms a resumption of the broader downtrend and maintains the bearish price sequence of lower lows and lower highs. The move lower paves the way for an extension towards $20.871, a Fibonacci retracement. On the upside, key near-term resistance is at $23.144, Sep 22 high.

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.