SILVER TECHS: Maintains A Bullish Tone

• RES 4: 164.90 High Dec 30 ‘24 and a key medium-term resistance         
• RES 3: 164.55 High Jan 7    
• RES 2: 164.08 High Jan 24 and a key resistance
• RES 1: 163.75 High Jan 27
• PRICE: 163.59 @ 07:09 GMT Mar 18 
• SUP 1: 161.50 Low Mar 17  
• SUP 2: 159.96 50-day EMA 
• SUP 3: 158.90 Low Mar 10  
• SUP 4: 158.00 Round number support 

A bull cycle in EURJPY remains in play and this week’s extension and positive start to the week, reinforces current conditions. The contract is again trading higher, today and sights are on resistance at 164.08, the Jan 24 high. Clearance of this level would strengthen the bullish condition and open 164.90, the Dec 30 ‘24 high. The bull cycle is overbought, a pullback would allow this condition to unwind. Firm support lies at 159.96, the 50-day EMA.

• RES 4: 120.39 High Feb 28      
• RES 3: 119.31 Low Mar 4 and a gap high on the daily chart   
• RES 2: 118.56 High Mar 5   
• RES 1: 117.04/117.71 High Mar 17 / 20-day EMA        
• PRICE: 116.99 @ Close Mar 17 
• SUP 1: 115.75 Low Mar 14 and the bear trigger  
• SUP 2: 115.52 2.618 proj of the Feb 7 - 19 - 28 price swing  
• SUP 3: 115.00 Round number support
• SUP 4: 114.81 3.000 proj of the Feb 7 - 19 - 28 price swing   

Short-term gains in BTP futures are considered corrective. Note that the trend has recently been in oversold territory and a recovery is allowing this condition to unwind. Resistance to watch 117.71, the 20-day EMA, ahead of 118.56, the Mar 5 high. A resumption of weakness and a breach of 115.75, the Mar 14 low, would confirm a continuation of the downtrend and open 115.52, a Fibonacci projection.

• 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: 92.37/63 High Mar 17 / 7 and a key resistance                      
• PRICE: 92.28 @ Close Mar 17
• SUP 1: 91.07/90.71 Low Mar 13 / 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 

The short-term trend outlook in Gilt futures remains bearish and gains are - for now - considered corrective. A resumption of the downtrend would pave the way for a test of 90.71, the Mar 6 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 90.49, a Fibonacci projection. Initial firm resistance is 92.63, Mar 7 high. A move above this level would instead strengthen a bullish theme.