SILVER TECHS: Bullish Outlook
- RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $40.000 - Psychological round number
- RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- PRICE: $38.833 @ 08:15 BST Aug 28
- SUP 1: $37.383/36.216 - 50-day EMA / Low Jul 31
- SUP 2: $35.285 - Low Jun 24
- SUP 3: $33.940 - 50.0% retracement of the Apr 7 - Jul 23 bull leg
- SUP 4: $32.958 - Low Jun 2
Trend signals in Silver remain bullish and the metal is trading closer to its recent highs. Prices have recently recovered off support around the 50-day EMA, now at $37.383. A clear break of the average is needed to strengthen a short-term bearish threat and allow for a deeper retracement. This would open $35.285, the Jun 24 low. For bulls, the latest resumption of gains opens the next objective at $39.655 a Fibonacci projection.
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SILVER TECHS: Uptrend Remains Intact
- RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $40.000 - Psychological round number
- RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- PRICE: $38.092 @ 08:00 BST Jul 29
- SUP 1: $37.843 - 20-day EMA
- SUP 2: $36.452 - 50-day EMA
- SUP 3: $35.285 - Low Jun 24
- SUP 4: $33.967 - Low Jun 3
Trend signals in Silver are unchanged, they remain bullish. Gains early last week reinforce current trend conditions - the metal traded above resistance at $39.132, the Jul 14 high. The break confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on $39.655 next, a Fibonacci projection. On the downside, initial support to watch lies at $37.843, the 20-day EMA.
MNI: SPAIN Q2 FLASH GDP +0.7% Q/Q, +2.8% Y/Y
- MNI: SPAIN Q2 FLASH GDP +0.7% Q/Q, +2.8% Y/Y
