SILVER TECHS: Corrective Cycle Still In Play
Oct-20 07:10By: Taso Anastasiou
- RES 4: $25.014 - High Aug 30
- RES 3: $24.298 - High Sep 4
- RES 2: $23.774 - High Sep 22 and a key resistance
- RES 1: $23.323 - High Oct 18
- PRICE: $22.992 @ 08:05 BST Oct 19
- SUP 1: $21.573/20.689 - Low Oct 9 / 3 and the bear trigger
- SUP 2: $20.000 - Round number support
- SUP 3: $19.904 - Low Mar 10 and a key support
- SUP 4: $19.585 - 76.4% retracement of the Sep ‘22 - May ‘23 upleg
Silver trend conditions are bearish, however, for now a corrective cycle is in play. The metal has traded through both the 20- and 50-day EMAs. The breach of the 50-day average, at $22.795, strengthens bullish conditions. The move higher has opened $23.774, the Sep 22 high. For bears, a reversal lower and a break of $20.689, the Oct 3 low, would confirm a resumption of the downtrend.
