SILVER TECHS: Bulls Remain In The Driver’s Seat
- 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: $39.095 @ 08:07 BST Jul 24
- SUP 1: $37.635 - 20-day EMA
- SUP 2: $36.197 - 50-day EMA
- SUP 3: $35.285 - Low Jun 24
- SUP 4: $33.967 - Low Jun 3
Trend signals in Silver are unchanged and continue to point north. This week’s gains reinforce bullish conditions - the metal has 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 $37.635, the 20-day EMA.
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GILT TECHS: (U5) Bullish Outlook
- RES 4: 94.15 2.000 proj of the May 22 - 27 - 29 price swing
- RES 3: 94.00 Round number resistance
- RES 2: 93.73 1.764 proj of the May 22 - 27 - 29 price swing
- RES 1: 93.21./93.68 High Jun 23 / 13
- PRICE: 93.11 @ Close Jun 23
- SUP 1: 92.41 20-day EMA
- SUP 2: 92.23 Low Jun 16 and a key short-term support
- SUP 3: 91.56 Low Jun 9
- SUP 4: 91.44 Low Jun 8
A bullish condition in Gilt futures remains intact and recent weakness appears corrective. Monday’s strong gains reinforce the current bullish theme. Key short-term support has been defined 92.23, the Jun 16 low. A break of this level is required to undermine a bull theme and signal scope for a deeper retracement. On the upside, sights are on 93.68, the Jun 13 high and bull trigger.
GILTS: Opening calls
Gilt calls, 93.02/93.14 range, should be close enough to flat.
EQUITIES: Attention on the EU Cash Open
- Estox 50: +2.13%
- Dax: +2.08%.
- CAC: +1.63%.
- FTSE +0.67%.
- SMI +1.86%.
