EUROPEAN FISCAL: German Taxes Run E14bln Ahead Of Norm, New Estimates Thursday

• RES 4: $45.128 - 3.236 proj of the Jul 31 - Aug 14 - 20 price swing
• RES 3: $44.533 - 3.000 proj of the Jul 31 - Aug 14 - 20 price swing
• RES 2: $44.000 - Round number resistance
• RES 1: $43.773 - Intraday high       
• PRICE: $43.548 @ 08:16 BST Sep 22
• SUP 1: $41.052 - 20-day EMA 
• SUP 2: $39.402- 50-day EMA
• SUP 3: $36.965 - Low Aug 20  
• SUP 4: $36.216 - Low Jul 31 and a key support

Trend signals in Silver remain bullish. The metal is trading higher as the bull cycle extends. Note that moving average studies are in a bull-mode position, reinforcing current conditions. Sights are on the $44.00 handle next. Clearance of this level would pave the way for a climb towards 44.533, a Fibonacci projection. Initial firm support to watch lies at $41.052, the 20-day EMA. 

• RES 4: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg 
• RES 3: 1.3925 High Aug 22 and the bull trigger
• RES 2: 1.3890 High Sep 11
• RES 1: 1.3848 High Sep 15 
• PRICE: 1.3800 @ 08:07 BST Sep 22
• SUP 1: 1.3727 Low Aug 29 and a bear trigger  
• SUP 2: 1.3709 61.8% retracement of the Jul 23 - Aug 22 bull cycle
• SUP 3: 1.3658 76.4% retracement of the Jul 23 - Aug 22 bull cycle 
• SUP 4: 1.3637 Low Jul 25  

A sharp sell-off in USDCAD early last week resulted in a break of the 20-and-50-day EMAs. This undermines a recent bullish theme and exposes key short-term support at 1.3727, the Aug 27 low. A clear break of this level would strengthen a bearish threat and signal scope for a deeper retracement. For bulls, resistance levels to watch are; 1.3890, the Sep 11 high, and 1.3925, the Aug 22 high and bull trigger.

Gilt Calls, 90.61/90.72.