SILVER TECHS: Bear Threat Remains Present
- RES 4: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 3: $32.947/34.590 - 20-day EMA / High Mar 28
- RES 2: $32.491 - 50-day EMA
- RES 1: $30.815 - Low Feb 28
- PRICE: $30.266 @ 08:09 BST Apr 9
- SUP 1: $28.351 - Low Apr
- SUP 2: $27.686 - Low Sep 6 ‘24
- SUP 3: $27.180 - Low Aug 14 ‘24
- SUP 4: $26.451 - Low Aug 8 ‘24 and a key support
Silver continues to trade in a volatile manner. Last week’s sell-off confirmed a clear reversal of its recent uptrend. The metal on Monday, traded through support at $28.748, the Dec 19 low. A clear break of this level would signal scope for a continued sell-off, towards $27.686, the Sep 6 ‘24 low. Initial resistance to watch is $30.815, the Feb 28 low. The contract is oversold, gains would allow this set-up to unwind.
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GILT TECHS: (M5) Corrective Bounce
- RES 4: 94.00 Round number resistance
- RES 3: 93.79 High Mar 4 and a bull trigger
- RES 2: 93.06 Low Mar 4 and a gap high on the daily chart
- RES 1: 92.63 HIgh Mar 7
- PRICE: 92.10 @ Close Mar 7
- SUP 1: 91.67/90.71 Low Mar 7 / 6
- SUP 2: 90.49 1.618 proj of the Feb 6 - 20 - Mar 4 price swing
- SUP 3: 90.19 1.764 proj of the Feb 6 - 20 - Mar 4 price swing
- SUP 4: 89.71 2.000 proj of the Feb 6 - 20 - Mar 4 price swing
Gilt futures remain in a clear bear-mode condition and gains are - for now - considered corrective. Last week, the contract traded through a key support at 91.79, the Feb 20 low. This level also represented a bear trigger and the breach signals scope for a continuation lower, with sights on 90.49 next, a Fibonacci projection. The downtrend is oversold, the latest bounce has allowed this set-up to unwind. Initial resistance is 92.63, the Mar 5 high.
MNI: GERMANY JAN INDUSTRIAL PRODUCTION 2.0% M/M
- MNI: GERMANY JAN INDUSTRIAL PRODUCTION 2.0% M/M
MNI: GERMANY JAN TRADE BALANCE E16.0BLN
- MNI: GERMANY JAN TRADE BALANCE E16.0BLN
- GERMANY JAN IMPORTS 1.2% M/M
- GERMANY JAN EXPORTS -2.5 % M/M
