SILVER TECHS: Support At The 50-Day EMA Remains Intact For Now
- RES 4: $56.153 2.500 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 3: $55.444 2.382 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 2: $55.000 - Round number resistance
- RES 1: $49.456/54.480 - High Oct 23 / 17 and the bull trigger
- PRICE: $47.639 @ 08:16 GMT Oct 30
- SUP 1: $45.727 - 50-day EMA
- SUP 2: $41.135 - Low Sep 17
- SUP 3: $40.000 - Round number support
- SUP 4: $38.087 - Low AUg 27
Trend signals in Silver are bullish and the latest sharp pullback is considered corrective. Note that the trend condition has been in overbought territory and the deeper retracement is allowing this to unwind. Attention is on support at the 50-day EMA, at $45.727. It remains intact but a break would signal scope for a deeper retracement. Key resistance has been defined at $54.480, the Oct 17 high. Initial resistance is at $49.456, the Oct 23 high.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
SONIA: Basis Trade
SFIH6 10k at 96.25.
CROSS ASSET: Bunds Off Highs, USD Struggles
Bund futures tick to fresh session lows around the time that the German regional CPI data points to in line to slightly firmer-than-expected national level data, before stabilising. Initial resistance at 128.82 went untested during the early rally.
- Meanwhile, EUR/USD trades to fresh session highs at 1.1750, with government shutdown risk keeping the greenback on the defensive. Yesterday’s high at 1.1755 is untested.
MNI: GERMANY NRW SEP CPI +0.2% M/M, +2.3% Y/Y
- MNI: GERMANY NRW SEP CPI +0.2% M/M, +2.3% Y/Y
