SILVER TECHS: Bear Threat Remains Present

• 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 TRADE BALANCE E16.0BLN
• GERMANY JAN IMPORTS 1.2% M/M
• GERMANY JAN EXPORTS -2.5 % M/M