June 03, 2024 07:10 GMT
Unwinding An Overbought Trend Condition
SILVER TECHS
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- RES 4: $35.745 - 1.236 proj of Jan 22 - Apr 12 - Nov 13 price swing
- RES 3: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
- RES 2: $33.887 - 1.00 proj of the Jan 22 - Apr 12 - Nov 13 price swing
- RES 1: $32.518 - High May 20
- PRICE: $30.262 @ 08:09 BST Jun 3
- SUP 1: $30.110/29.782 - 20-day EMA / Intraday low
- SUP 2: $28.356 - 50-day EMA
- SUP 3: $26.018 - Low May 2
- SUP 4: $24.328 - Low Mar 27
Silver has traded lower today. The trend remains bullish and the latest move down appears to be a correction. The retracement is allowing an overbought condition to unwind. Recent gains resulted in a break of resistance at $29.797, the Apr 12 high. The breach confirmed a resumption of the uptrend and has opened $33.887 next, a Fibonacci projection. A key support zone to watch lies between $30.110 - 28.356, the 20- and 50-day EMA values.
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