SILVER TECHS: Trend Needle Points North

• RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
• RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
• RES 2: $40.000 - Psychological round number
• RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing    
• PRICE: $38.835 @ 08:08 BST Aug 29
• SUP 1: $37.449/36.216 - 50-day EMA / Low Jul 31 
• SUP 2: $35.285 - Low Jun 24
• SUP 3: $33.940 - 50.0% retracement of the Apr 7 - Jul 23 bull leg  
• SUP 4: $32.958 - Low Jun 2

Trend signals in Silver remain bullish and the metal is trading closer at its recent highs. Prices have recently recovered off support around the 50-day EMA, now at $37.449. A clear break of the average is needed to strengthen a short-term bearish threat and allow for a deeper retracement. This would open $35.285, the Jun 24 low. For bulls, the latest resumption of gains opens the next objective at $39.655 a Fibonacci projection.