SILVER TECHS: Bullish Outlook

• While just off its best level, the AUD is still the best performer against the Dollar within G10 Currencies, the Aussie has extended through the 2025 high on Friday and has found a boost following Albanese's win over the Weekend.
• Tariffs risks are still the major concern, but some of the continuity in Policy could be seen as supportive at least short Term.
• Next resistance in AUDUSD comes at 0.6528 High Nov 29 ‘24, and upside traction could be on the card, although Trade risks are at the forefront.

• RES 4: $36.000 - Round number resistance 
• RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
• RES 2: $34.590 - High Mar 28  
• RES 1: $33.686 - High Apr 25                                        
• PRICE: $32.385 @ 08:07 BST May 5
• SUP 1: $31.668 -  Low May 2
• SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
• SUP 3: $27.686 - Low Sep 6 ‘24   
• SUP 4: $27.180 - Low Aug 14 ‘24   

A strong rally in Silver on Apr 23 reinforced the current bullish theme. This suggests the latest pullback that started Apr 25, is a correction. Price has traded below support at $322.443, the 50-day EMA. A continuation lower would highlight scope for a deeper retracement and open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 24 high. Clearance of this level would confirm a resumption of the latest uptrend.

ERU5 98.50/98.37/98.25/98.00p condor, bought for flat in 6.2k.