SILVER TECHS: Trading At Its Recent Highs
- RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg
- RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
- RES 1: $32.283 - High Dec 9
- PRICE: $32.124 @ 08:11 GMT Dec 12
- SUP 1: $29.642 - Low Nov 28
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
Silver continues to trade closer to its recent highs. Despite a recovery in price, the bear cycle that started Oct 23 remains in play and gains are considered corrective - for now. Price has recently traded through a trendline drawn from the Aug 8 low. A resumption of the bear leg would open $28.446, a Fibonacci retracement. The 50-day EMA, at $31.209, has been pierced. A continuation higher would expose $33.125, the Nov 1 high.
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AUDUSD TECHS: Bearish Structure
- RES 4: 0.6841 76.4% retracement of the Sep 30 - Nov 6 bear leg
- RES 3: 0.6762 High Oct 9
- RES 2: 0.6727 50.0% retracement of the Sep 30 - Nov 6 bear leg
- RES 1: 0.6676/88 50-day EMA / High Nov 7
- PRICE: 0.6550 @ 08:04 GMT Nov 12
- SUP 1: 0.6513 Low Nov 6 and the bear trigger
- SUP 2: 0.6508 Low Aug 8
- SUP 3: 0.6490 76.4% retracement of the Aug 5 - Sep 30 bull leg
- SUP 4: 0.6472 Low Aug 6
A bear cycle in AUDUSD remains intact and recent gains appear to have been a correction. Last Wednesday’s sell-off resulted in a breach of 0.6537, the Oct 30 low and bear trigger, highlighting a resumption of the downtrend. This week’s move down reinforces the bearish theme. Sights are on 0.6490, a Fibonacci retracement point. Firm resistance is at 0.6676, the 50-day EMA (pierced). A clear break of it would highlight a possible reversal.
GILTS: Opening calls
Gilt calls, 94.11/94.20 range.
EQUITIES: EU Cash opening calls
Estox 50: -0.86%, Dax: -0.88%, CAC: -1.21%, FTSE -0.29%, SMI -0.67%.
