SILVER TECHS: Bearish Trend Outlook
- RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg
- RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
- RES 1: $32.338 - High Dec 12
- PRICE: $30.9300 @ 07:58 GMT Dec 13
- SUP 1: $29.642 - Low Nov 28
- 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
Despite the recent recovery in Silver, the bear cycle that started Oct 23 remains in play and gains are considered corrective - for now. Price has recently traded through a trendline drawn from the Aug 8 low. A resumption of the bear leg would open $28.446, a Fibonacci retracement. On the upside, a resumption of recent gains would instead signal scope for a climb towards $33.125, the Nov 1 high.
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AUDUSD TECHS: Bear Trigger Remains Exposed
- RES 4: 0.6762 High Oct 9
- RES 3: 0.6727 50.0% retracement of the Sep 30 - Nov 6 bear leg
- RES 2: 0.6671/88 50-day EMA / High Nov 7
- RES 1: 0.6622 20-day EMA
- PRICE: 0.6524 @ 07:57 GMT Nov 13
- SUP 1: 0.6513 Low Nov 6 and the bear trigger
- SUP 2: 0.6508 Low Aug 8
- SUP 3: 0.6490 76.4% retracement of the Aug 5 - Sep 30 bull leg
- SUP 4: 0.6472 Low Aug 6
A bear cycle in AUDUSD remains intact and recent gains appear to have been a correction. The latest sell-off signals the end of the Nov 6 - 7 corrective bounce and attention is on key support and the bear trigger at 0.6513, the Nov 6 low. A breach of this support would confirm a resumption of the downtrend and open 0.6490, a Fibonacci retracement point. Firm resistance is at 0.6671, the 50-day EMA (pierced).
GILTS: Opening calls
Gilt opening calls, 93.26/93.36 range.
EQUITIES: EU Cash opening calls
Estox 50: -0.03%, Dax: +0.18%, CAC: -0.02%, FTSE +0.32%, SMI -0.11%.
