Free Trial

Volatile, Outlook Remains Bearish

SILVER TECHS
  • RES 4: $30.100 - High Feb 1
  • RES 3: $29.053 - High Feb 2
  • RES 2: $28.498 - 61.8% retracement of the Feb 1 - 4 sell-off
  • RES 1: $28.003 - 50.0% retracement of the Feb 1 - 4 sell-off
  • PRICE: $27.947 @ 17:58 GMT Feb 22
  • SUP 1: $26.139 - Low Feb 19
  • SUP 2: $25.905 - Low Feb 4
  • SUP 3: $25.483 - 76.4% retracement of the Jan 18 - Feb 1 rally
  • SUP 4: $24.700 - Low Jan 27

Silver had a volatile finish last week, having trading sharply lower early Friday before staging a decent recovery. The metal remains vulnerable following the sell-off on Feb 2. Recent gains are considered a correction and a resumption of weakness is seen likely near-term. A move lower once again would refocus attention on $25.905, Feb 4 low. Clearance of this support would set the scene for a deeper pullback. Resistance is seen at $28.003 and $28.498, Fibonacci retracement levels.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.