SILVER TECHS: Monitoring Resistance
- RES 4: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
- RES 3: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
- RES 2: $32.518 - High May 20 and bull trigger
- RES 1: $28.783/31.754 - 50-day EMA / High Jul 11
- PRICE: $27.949 @ 07:57 BST Aug 15
- SUP 1: $26.451- Low Aug 8
- SUP 2: $26.018 - Low May 2 and a key support
- SUP 3: $24.328 - Low Mar 27
- SUP 4: $22.277 - Low Feb 28
A bearish cycle in Silver remains intact and recent weakness reinforces current conditions. The metal last week traded to a fresh short-term cycle low and this has exposed the next key support at $26.018, the May 2 low. A clear break of this level would strengthen a bearish theme. Initial firm resistance has been defined at $28.783, the 50-day EMA. A clear break of this average is required to highlight a possible reversal.
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USDCAD TECHS: Resistance Remains Intact For Now
- RES 4: 1.3899 High Nov 1 and a key resistance
- RES 3: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 2: 1.3755/3792 High Jul 2 / High Jun 11
- RES 1: 1.3695 Intraday high
- PRICE: 1.3692 @ 08:02 BST Jul 16
- SUP 1: 1.3590/89 Low May 16 and a key support / Intraday low
- SUP 2: 1.3547 Low Apr 9
- SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
- SUP 4: 1.3478 Low Apr 4
USDCAD has recovered from last week’s low. However, a short-term bear threat remains present, for now. Recent weakness resulted in a test of 1.3590, the May 16 low and a key support. A clear breach of it would highlight an important technical break and pave the way for an extension lower near-term. Initial firm resistance to watch is 1.3755, the Jul 2 high. Clearance of this level would alter the picture and highlight a bullish development.
EQUITIES: NEgative LEad From Futures Into Cash Open
European & UK equities indicated lower at the open, with U.S. protectionism fears still noted on the back of increased odds surrounding a second Trump Presidential term. Negative oil price moves also filter in.
- Futures: Euro Stoxx 50 -0.7%, DAX -0.6%, CAC 40 -0.4%, FTSE 100 -0.5%
GILTS: Opening Call
Desks indicating gilt futures should open in the mid to high 98.30s, last netting in the high 98.20s.
