SILVER TECHS: Corrective Cycle
- RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.548 - High Oct 29 ‘24
- RES 1: $34.233 - High Mar 18
- PRICE: $33.048@ 07:58 GMT Mar 21
- SUP 1: $32.947 - 20-day EMA
- SUP 2: $32.155/30.815 - 50-day EMA / Low Feb 28 and key support
- SUP 3: $29.704 - Low Jan 27
- SUP 4: $28.748 - Low Dec 19 and a bear trigger
Silver has pulled back from its recent highs. Short-term weakness is considered corrective and a bull cycle remains in play. The metal has recently breached a key resistance at $33.397, the Feb 14 high, confirming a resumption of the bull cycle that started Dec 19. This signals scope for a climb towards $34.903, the Oct 23 ‘24 high and a medium-term bull trigger. Key trend support has been defined at $30.814, the Feb 28 low.
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GILTS: Opening calls
Gilt calls, 92.42/92.48. These DO NOT take the UK data into account.
GBPUSD TECHS: Holding On To Its Recent Gains
- RES 4: 1.2811 High Dec 6
- RES 3: 1.2767 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.2667 High Dec 19
- RES 1: 1.2640 High Feb 19
- PRICE: 1.2617 @ 07:56 GMT Feb 19
- SUP 1: 1.2466 20-day EMA
- SUP 2: 1.2333/2249 Low Feb 11 / 3 and a key short-term support
- SUP 3: 1.2161 Low Jan 17 / 20
- SUP 4: 1.2100 Low Jan 10 and the bear trigger
A bull cycle in GBPUSD remains in play and the pair is holding on to its recent gains. A recent breach of resistance at 1.2550, the Feb 5 high, confirmed a resumption of the current uptrend. Furthermore, 1.2610, 38.2% of the Sep 26 ‘24 - Jan 13 bear leg, has been pierced. A continuation higher would strengthen current conditions and open 1.2767, the 50.0% retracement. Key short-term support is 1.2333, the Feb 11 low.
EQUITIES: EU Cash Opening calls
Estoxx futures might be showing a touch in the Red, but the contract is still just 5 points short of Yesterday's record high situated at 5550.00.
Some Technical desks might point out that we are in overbought territory.
- Calls: Estox 50: +0.10%, Dax: +0.20%, CAC: +0.03%, FTSE +0.07%, SMI +0.38%.
(Chart Source: MNI/Bloomberg).
