SILVER TECHS: Support Remains Intact - For Now
Aug-02 07:19By: Taso Anastasiou
- RES 4: $26.222 - High Apr 18 2022 and a key resistance
- RES 3: $26.135 - High May 5 and bull trigger
- RES 2: $25.920 - High May 10
- RES 1: $25.267 - High Jul 20
- PRICE: $24.293 @ 08:18 BST Aug 2
- SUP 1: $24.044 - Low Jul 27
- SUP 2: $23.966 - 50-day EMA
- SUP 3: $23.109 - Low Jul 12
- SUP 4: $22.527 - Low Jul 6
A bull cycle in Silver remains in play and recent weakness is considered corrective. However, support at $23.966 the 50-day EMA, appears exposed following the sell-off on Jul 27. A clear break of the average would undermine a bullish outlook. Key resistance is at $25.267, the Jul 20 high. Clearance of this hurdle would confirm a resumption of the uptrend that started Jun 23, and open $26.135, the May 5 high.
