SILVER TECHS: Bulls Remain In The Driver’s Seat

• RES 4: 0.6688 High Nov 7 ‘24
• RES 3: 0.6677 0.764 proj of the Jun 23 - Jul 11 - 17 price swing
• RES 2: 0.6569/6625 High Aug 14 / 24 and the bull trigger 
• RES 1: 0.6524 High Aug 18 
• PRICE: 0.6498 @ 08:03 BST Aug 25
• SUP 1: 0.6415 Low Aug 21 / 22
• SUP 2: 0.6373 Low Jun 23 
• SUP 3: 0.6354 38.2% retracement of the Apr 9 - Jul 24 upleg  
• SUP 4: 0.6323 Low Apr 16

AUDUSD rallied Friday and for now, the pair is holding on to its latest gains. The rally signals the end of the recent corrective phase. A continuation higher would signal scope for a climb towards 0.6569, the Aug 14 high. Key resistance and the bull trigger is at 0.6625, the Aug 24 high. On the downside, support to watch lies at 0.6415, the Aug 21 / 22 low. A clear break would resume the bear leg.

• RES 4: 6600.00 Round number resistance
• RES 3: 6572.45 2.0% 10-dma envelope
• RES 2: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing 
• RES 1: 6508.75 High Aug 15 and all-time High
• PRICE: 6479.50 @ 07:25 BST Aug 25
• SUP 1: 6362.75 Low Aug 20
• SUP 2: 6313.25 Low Aug 6  
• SUP 3: 6298.61 50-day EMA
• SUP 4: 6239.50 Low Aug 1

The dominant uptrend in S&P E-Minis remains intact and Friday’s rally reinforces current conditions. Moving average studies are in a bull-mode position, highlighting a clear uptrend and positive market sentiment. Attention is on 6508.75, the Aug 15 high and the bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 6523.63, a Fibonacci projection. Support to watch lies at  6298.61, the 50-day EMA.

• RES 4: $77.85 - 2.794 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $75.65 - 2.500 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $74.25 - High Jun 23 and a bull trigger 
• RES 1: $63.84/69.36 - 50-day EMA / High Jul 30 and key resistance   
• PRICE: $63.83 @ 07:19 BST Aug 25
• SUP 1: $61.29 - Low Aug 13
• SUP 2: $57.71 - Low May 30
• SUP 3: $54.80 - Low May 5
• SUP 4: $54.03 - Low Apr 9 and a key support

A bear cycle in WTI futures remains intact and recent short-term gains appear corrective - for now. A key support at $61.99, the Jun 30 low, has been breached, strengthening a bearish theme. A continuation lower would open $57.71, the May 30 low. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. Initial resistance to watch is $63.84, the 50-day EMA.