SILVER TECHS: Bearish Cycle Still Intact
- RES 4: $34.903 - High Oct 23 and the bull trigger
- RES 3: $33.125 - High Nov 1
- RES 2: $32.338 - High Dec 12 and a key resistance
- RES 1: $30.607 - 50-day EMA
- PRICE: $29.309 @ 07:57 GMT Jan 2
- SUP 1: $28.748 - Low Dec 19
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
A bear cycle in Silver that started Oct 23 remains in play. The metal has recently breached support at $29.642, the Nov 28 low. The break lower opens $28.446, a Fibonacci retracement. Note that moving average studies are in a bear-mode position highlighting a dominant downtrend. Key resistance has been defined at $32.338, the Dec 12 high. A break of this level would signal a reversal.
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AUDUSD TECHS: Trend Needle Points South
- RES 4: 0.6762 High Oct 9
- RES 3: 0.6733 High Oct 13
- RES 2: 0.6595/88 50-day EMA / High Nov 7 and a reversal trigger
- RES 1: 0.6527/50 20-day EMA / High Nov 25
- PRICE: 0.6485 @ 07:57 GMT Dec 3
- SUP 1: 0.6434 Low Nov 26
- SUP 3: 0.6400 Round number support
- SUP 3: 0.6350 Low Aug 5 and a key support
- SUP 4: 0.6339 Low Nov 10 2023
The trend condition in AUDUSD remains bearish. A price sequence of lower lows and lower highs remains intact and note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Scope is seen for a move towards 0.6350, the Aug 5 low and the next key support. The pair has recovered from its recent lows - a correction. Initial firm resistance to watch is 0.6527, the 20-day EMA.
GILTS: Opening calls
Gilt calls, 96.09/96.13 range.
EQUITIES: EU Cash opening calls
Estox 50: +0.19%, Dax: -0.05%, CAC: -0.07%, FTSE +0.10%, SMI -0.12%.
