SILVER TECHS: Bullish Outlook
- RES 4: $35.728 - 0.764 proj of the Apr 7 - 25 - May 15 price swing
- RES 3: $35.000 - Round number resistance
- RES 2: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 1: $34.789 - High Jun 2
- PRICE: $34.435 @ 08:15 BST Jun 4
- SUP 1: $32.859/31.651 - 50-day EMA / Low May 15
- 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 Monday confirms a resumption of the uptrend. The rally resulted in the breach of a number of important resistance points. This signals scope for an extension towards $34.903, the Oct 23 ‘24 high and a bull trigger. A clear break of this level would mark an important medium-term bullish development. Key short-term support is at $31.651, the May 15 low. A clear break of this level is required to highlight a reversal.
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AUD: Best performer within G10s
- 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.
SILVER TECHS: Trend Structure Remains Bullish
- 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.
EURIBOR OPTIONS: Put Condor
ERU5 98.50/98.37/98.25/98.00p condor, bought for flat in 6.2k.
