Trial now
EQUITIES

New session low for Stoxx600

HUNGARY

NBH Likely To Hike By 15bps On September 21

SHORT-STERLING OPTIONS

Broken put fly

Volatile

SILVER TECHS
  • RES 4: $31.513 - 1.236 proj of Nov 30 - Jan 6 rally from Jan 18 low
  • RES 3: $30.723 - 50.0% retracement of the 2011 - 2020 downtrend
  • RES 2: $30.100 - High Feb 1
  • RES 1: $29.053 - Intraday high
  • PRICE: $28.073 @ 07:37 GMT Feb 2
  • SUP 1: $27.698 - Intraday low
  • SUP 2: $27.079 - 50.0% retracement of the Jan 18 - Feb 1 rally
  • SUP 3: $26.099 - 20-day EMA
  • SUP 4: $24.700 - Low Jan 27

Silver traded sharply higher yesterday clearing resistance at $27.931, Jan 6 high. The climb resulted in a test of $30.00 and more importantly registered a fresh trend high print of the upleg that started mid-March last year. Today's price action highlights a reversal yesterday's direction though and Silver has traded below the $28.00 mark. Activity is volatile and further weakness would open 27.079, a Fibonacci retracement. Key resistance is at $30.100.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com