RIKSBANK: MNI Riksbank Preview: August 2026 - June Rate Path Risks Eyed

 " IRAN'S FOREIGN MINISTRY SPOKESPERSON BAGHAEI SAYS NEGOTIATIONS WITH U.S. COULD BE PURSUED BASED ON NATIONAL INTERESTS" RTRS

• RES 4: $100.000 - Round number resistance
• RES 3: $89.374 - High May 13
• RES 2: $78.898 - High May 19 
• RES 1: $60.168/65.493 20- and 50-day EMA         
• PRICE: $46.471 @ 08:21 BST Jul 20
• SUP 1: $54.778 - Low Jul 17
• SUP 2: $52.577 - 1.000 proj of the Mar 2 - 23 - May 13 price swing  
• SUP 3: $50.000 - Psychological round number
• SUP 4: $48.644 - Low Nov 21 ‘25 

The trend theme in Silver remains bearish and a fresh cycle low on Friday, reinforces the bear theme. Recently, a key support at $61.007, the Mar 23 low and a bear trigger, was cleared. The break highlights an important bearish development and confirms a resumption of the medium-term downtrend. Sights are on $52.577, a Fibonacci projection. Key short-term resistance is seen at $65.493, the 50-day EMA.

Recent block flow:

• DUU6 10.0K blocked at 105.455.
• OEU6 3.88K lots blocked at 113.980.
• Both conducted through prevailing bid at the time of the blocks.
• Looks like a curve play, DV01 ~EUR195K, 2s5s cash curve flattens after the flow suggesting it was seller initiated.