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UK DATA

UK Monthly GDP Rose As Schools Reopen

SILVER TECHS

Bulls Still In Charge

UK DATA

UK GDP Down in Q1 Amid Lockdown

(U0) Extends Range Lower

SCHATZ TECHS
  • RES 4: 112.341 1.236 projection of Jun 5 - 26 rally from Jul 27 low
  • RES 3: 112.280 1.00 projection of Jun 5 - 26 rally from Jul 27 low
  • RES 2: 112.274 76.4% retracement of the May - Jun sell-off (cont)
  • RES 1: 112.196 61.8% retracement of the May - Jun sell-off (cont)
  • PRICE: 112.000 @ 03:44 BST Aug 14
  • SUP 1: 111.995 Low Aug 13
  • SUP 2: 111.977 76.4% Jun - Aug Rally
  • SUP 3: 111.975 Low Jun 11
  • SUP 4: 111.910 Low Mar 5

Schatz futures fell further Thursday, trading and closing below the July lows, with markets challenging key Fib support at 111.977. This shifts the outlook outright bearish for now, with 111.975 the next target. For bulls to gain a firmer footing, a close above the 100-dma at 112.113 is needed before focus can shift back to 112.195.

MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com