Technical Analysis Of The S&P 500 As It Slips To A 6-Week Low While EUR/GBP And The Silver Price Bounce Off Support.

(MENAFN- DailyFX (IG)) ​S&P 500 remains under pressure

​The S&P 500 slid to a six-week low at 7,573 on Tuesday, near support found between the mid-June-to-mid-July highs at 7,581-to-7,578. If slipped through, the mid-May, 22 June and 22 July highs at 7,530-to-7,517 may be reached.

​Minor resistance above the June high and early September low at 7,611-to-7,621 may be spotted around the 20-to-24 August lows at 7,638-to-7,639.

​ Short-term outlook: bearish while below the 11 September high at 7,677

​Medium-term outlook: neutral with a bullish bias while above the 9 June low at 7,238

​Source: TradingView ​EUR/GBP range trades above support zone

EUR/GBP's slide from its two-month high at £0.8608, made slightly below the February-to-23 June lows at £0.8612-to-£0.8621, has so far taken it to this week's £0.8552 low which offers minor support.

​While this level holds, minor resistance at the 8 September low at £0.8571 is expected to be revisited. Further up lie the 5-to-20 August highs at £0.8582-to-£0.8585.

​Short-term outlook: bullish while above the 14-to-15 September lows at £0.8552

​Medium-term outlook: neutral with a bullish bias while trading above the 12 August low at £0.8532

Source: TradingView ​Silver price bounces back

​The price of silver - having this week dipped into its key $63.2765-to-$61.0065 support zone - is seen bouncing back with the 4 September low at $64.7445 acting as minor resistance. If overcome, the mid-August high at $66.8025 may be revisited.

​Short-term outlook: neutral with a bullish undertone while above the 14 September low at $62.3325

​ ​Medium-term outlook: bullish while above the 22 July high at $60.9365

​Source: TradingView Important to know

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