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SILVER TECHS: Trend Structure Remains Bullish

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
  • RES 3: $34.903 - High Oct 23 and the bull trigger
  • RES 2: $34.000 - Round number resistance  
  • RES 1: $32.484/33.397 - High Feb 25 / 14 and the bull trigger                                 
  • PRICE: $32.324 @ 08:27 GMT Mar 5    
  • SUP 1: $31.432/30.815 - 50-day EMA / Low Feb 28          
  • SUP 2: $30.691/29.704 - Low Feb 3 / Low Jan 27 
  • SUP 3: $28.748 - Low Dec 19 and bear trigger
  • SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

Silver weakness last week resulted in a move through both the 20- and 50-day EMAs. The recent move down - for now - appears corrective, and this week’s gains reinforce this theme. A continuation higher would refocus attention on the bull trigger at $33.397, the Feb 14 high. Clearance of this level would resume the uptrend. On the downside, key support to watch lies at $31.432, the 50-day EMA, and $30.815, the Feb 28 low.  

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  • RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
  • RES 3: $34.903 - High Oct 23 and the bull trigger
  • RES 2: $34.000 - Round number resistance  
  • RES 1: $32.484/33.397 - High Feb 25 / 14 and the bull trigger                                 
  • PRICE: $32.324 @ 08:27 GMT Mar 5    
  • SUP 1: $31.432/30.815 - 50-day EMA / Low Feb 28          
  • SUP 2: $30.691/29.704 - Low Feb 3 / Low Jan 27 
  • SUP 3: $28.748 - Low Dec 19 and bear trigger
  • SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

Silver weakness last week resulted in a move through both the 20- and 50-day EMAs. The recent move down - for now - appears corrective, and this week’s gains reinforce this theme. A continuation higher would refocus attention on the bull trigger at $33.397, the Feb 14 high. Clearance of this level would resume the uptrend. On the downside, key support to watch lies at $31.432, the 50-day EMA, and $30.815, the Feb 28 low.