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• MNI: SPAIN JUL HICP -0.3% M/M, +2.7% Y/Y

• 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: $38.376 @ 07:54 BST Aug 13
• SUP 1: $36.216 - 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 despite the unconstructive price action into the end of July. The pullback off the late July highs is considered corrective - particularly as prices have recovered off support at the 50-day EMA, now at $36.895. It has been pierced, but a clear break of it 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, a resumption of gains would refocus attention on the next objective at $39.655 a Fibonacci projection.

Gilt calls, 91.82/91.83.