Metals
Silver
Silver regains strength from its steady recovery over the 50-day SMA near 45.60, advancing back toward the historic peak of 54.40. A clean move above this ceiling would signal a resumption of the broader uptrend, attracting more momentum buying and opening the door to new record highs with potential targets near 56.50 and 59.00. A persistent lack of sustained selling, more than mere profit-taking, would confirm that the medium-term bullish structure is still valid.
On a cautious note, if new highs fail to show up, the recent strength would suggest that a corrective phase could be underway in the coming weeks following a tremendous rally this year. On the downside, short-term support lies between 50-period SMA (49.30) and the psychological level of 50.00. Further down, invalidation of 45.60 may trigger a deeper pullback.
Silver 4H chart
| Support | 50.50 | 47.20 | 45.60 |
|---|---|---|---|
| Resistance | 54.40 | 56.50 | 59.00 |
AUDUSD
The AUDUSD 4-hour chart reflects a cautiously bullish tone, with the pair trying to hold above the double bottom around 0.6450 after peaking at 0.6615. Price action remains in a consolidation mode as traders await a clean breakout on either side. Though the rally from last April favors a bullish continuation in the medium-term.
The RSI has recovered into neutral territory, signaling improving bullish strength. A sustained move above the supply zone around 0.6580 and 0.6615 is required to attract renewed buying interests. On the downside, a fall below 0.6520 would expose August’ low of 0.6420, raising the risk of a bearish reversal.
AUDUSD 4H chart
| Support | 0.6520 | 0.6460 | 0.6420 |
|---|---|---|---|
| Resistance | 0.6615 | 0.6700 | 0.6760 |
Dow Jones 30
On the daily chart the Dow Jones index has bounced off the 50-day SMA (46,500) and is now continuing its recovery with a new high above its previous top of 48,000. Sentiment remains overwhelmingly bullish as the uptrend from last April unfolds once again. With little overhead resistance, buyers are likely to target the next milestone at 49,000.
As the RSI ventures into the overbought area, a brief pullback cannot be excluded to let the fever cool down a bit. Should this happen, immediate support is seen at 47,500, with additional support at the swing low of 46,500 in case of a deeper correction.
DJ 30 4H chart
| Support | 47,500 | 46,500 | 45,200 |
| Resistance | 49,000 | 49,600 | 50,000 |
