SILVER TECHS: Bulls Remain In The Driver’s Seat

• 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: $32.174 @ 08:07 BST May 21
• SUP 1: $31.668/651 -  Low May 1 / 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   

Silver continues to trade closer to its recent lows. A bullish theme remains intact and the latest pullback that started Apr 25, is likely a correction. Key short-term support has been defined at $31.668, the May 1 low (pierced). A clear break of this level would signal scope for a deeper retracement and open $30.915, Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. Clearance of this level would confirm a resumption of the uptrend.

• RES 4: 1.4296 High Apr 7
• RES 3: 1.4111 High Apr 4 
• RES 2: 1.4021 50-day EMA 
• RES 1: 1.4016 High May 12 / 13
• PRICE: 1.3949 @ 08:02 BST May 20
• SUP 1: 1.3814/3751 Low May 8 / 6 and the bear trigger  
• SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
• SUP 3: 1.3696 Low Oct 10 ‘24
• SUP 4: 1.3643 Low Oct 9 ‘24 

Despite the latest move higher, the trend condition in USDCAD remains bearish. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of weakness would open 1.3744, a Fibonacci retracement. Key resistance to watch 1.4024, the 50-day EMA. A clear break of this hurdle would signal a stronger reversal and open 1.4111, the Apr 4 high.

Gilt calls, 91.48/91.63.