SILVER TECHS: Fresh Cycle Low

• RES 4: $100.000 - Round number resistance
• RES 3: $98.487 - 61.8% retracement of the Jan 29 - Mar 23 sell-off 
• RES 2: $78.898/89.374 - High May 19 / 13 
• RES 1: $74.334 50-day EMA         
• PRICE: $70.205 @ 08:24 BST Jun 17
• SUP 1: $61.007 - Low Mar 23 and bear trigger
• SUP 2: $60.000 - Round number support 
• SUP 3: $56.496 - Low Dec 4 ‘25
• SUP 4: $53.345 - Low Nov 28 ‘25 

A bearish theme in Silver remains intact and a fresh S/T cycle low on Jun 11 reinforces this theme. This suggests that gains are for now, likely corrective. Attention is on $61.007 next, the Mar 23 low and a bear trigger. A breach of this price point would highlight an important bearish development. Key short-term resistance is $89.374, the May 13 high. Initial firm resistance is $74.334, the 50-day EMA.

• RES 4: 90.34 0.764 proj of the May 15 - 28 - Jun 8 price swing  
• RES 3: 90.00 Round number resistance  
• RES 2: 89.62 3.236 proj of the May 15 - 19 (low-high-low) price swing  
• RES 1: 89.32 3.000 proj of the May 15 - 19 (low-high-low) price swing     
• PRICE: 89.31 @ 08:10 BST Jun 16
• SUP 1: 87.90/28 20-day EMA / Low Jun 8 and a key S/T support    
• SUP 2: 86.70 Low May 21 
• SUP 3: 86.51 61.8% retracement of the May 15 - 28 bull cycle  
• SUP 4: 86.00 Low May 20

A bull cycle in Gilt futures remains intact. The contract has cleared resistance at 88.98, the May 28 high and a bull trigger. This highlights a resumption of the bull cycle and maintains the price sequence of higher highs and higher lows. Sights are on 89.32 and 89.62, Fibonacci projection points. On the downside, key short-term support lies at 87.28, the Jun 8 low. A break of this level is required to signal a reversal.

Equity Roll Pace: 87% of the Volume in the June (VGM6) Estoxx is now spread related. Expect for September to be front Month by the end of the Day. European Roll pace are as of Monday.

• ESA: 80%.
• NQA: 79%.
• DOW: 82%.
• VGA: 66%.
• EU Banks: 61%.
• DAX: 50% (below pace).
• FTSE: 70%.