SILVER TECHS: MA Studies Remain In A Bull-Mode Position

• RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
• RES 3: 0.6688 High Nov 7 ‘24
• RES 2: 0.6677 0.764 proj of the Jun 23 - Jul 11 - 17 price swing  
• RES 1: 0.6625 High Jul 24
• PRICE: 0.6552 @ 08:08 BST Jul 28
• SUP 1: 0.6544 20-day EMA 
• SUP 2: 0.6505/6455 50-day EMA / Low Jul 17  
• SUP 3: 0.6373 Low Jun 23 and a bear trigger  
• SUP 4: 0.6357 Low May 12

Last week’s fresh trend highs in AUDUSD reinforce bullish conditions and the latest pullback is considered corrective. Gains have resulted in a print above key short-term resistance at 0.6595, the Jul 11 high and bull trigger. This marks a resumption of the uptrend and sights are on 0.6688, the Nov 7’ 24 high. Support to watch is at the 50-day EMA, at 0.6505. A clear break of this EMA would highlight a stronger reversal.

• The SX5E Estoxx is clearing that initial resistance on the Open, the July high is still further out, up to 5470.81.
• Interestingly the Futures contract (VGU5) is sold in decent size since the Cash open.

• RES 4: 93.00 Round number resistance     
• RES 3: 92.74 61.8% retracement of the Jul 1 - 18 bear leg     
• RES 2: 92.42 50.0% retracement of the Jul 1 - 18 bear leg   
• RES 1: 91.92/92.15 20-day EMA / High Jul 22
• PRICE: 91.47 @ Close BST Jul 28 
• SUP 1: 91.18/91.08 Low Jul 24 / 18 and the bear trigger   
• SUP 2: 90.97 76.4% retracement of the May 22 - Jul 1 bull leg
• SUP 3: 90.59 Low May 29   
• SUP 4: 90.46 Low May 23        

Gilt futures have pulled back from the Jul 22 high. For now the contract remains above its recent lows. A rally early last week resulted in a break of the 20-day EMA. A resumption of gains would signal scope for a climb towards 92.42 next, a Fibonacci retracement. On the downside, key support and the bear trigger has been defined at 91.08, the Jul 18 low. Clearance of this level would resume the bear cycle that started Jul 1.