Technical Analysis Of The S&P 500 As It Holds Above Key Support While EUR/GBP Remains Under Pressure, Silver Price Rallies.

(MENAFN- DailyFX (IG)) ​S&P 500 hovers above key support

​The S&P 500 so far managed to hold above its 7,528 late October low and, more importantly, its September low at 7,508. If slipped through, a medium-term top formation may be in the making.

While the 7,528-to-7,508 support zone underpins, the 1-to-23 October lows at 7,612-to-7,756 may be revisited. A rise and daily chart close above the 2 November high at 7,662 is needed for last week's price gap with the 29 October low at 7,691 to be filled.

Short-term outlook: neutral with a bearish undertone while above the 16 October low at 7,508

Medium-term outlook: neutral with a bullish bias while above the September low at 7,508

S&P 500 daily candlestick chart ​Source: TradingView ​EUR/GBP remains under pressure

EUR/GBP continues its descent and is seen trading at levels last seen in April 2025.

A fall through the £0.8322 late October low would push the late March 2025 trough at £0.8316 to the fore. If slipped through, the October 2024 and February 2025 lows at £0.8295-to-£0.8292.

Minor resistance sits at the 23 October £0.8362 low and at the £0.8402 late October high.

Short-term outlook: bearish while below the 26 October high at £0.8402

Medium-term outlook: bearish while below the 26 October high at £0.8402

EUR/USD daily candlestick chart ​Source: TradingView ​Silver bounces off one-year low

The ​Silver price is seen swiftly recovering off its $48.6165 early November one-year low and is about to test its first minor resistance at the 27 October $52.6670 low.

For the bulls to gain traction not only is a break through the September-to-November downtrend line - currently at $53.7050 - needed but also a rise above the June-to-July and mid-October lows at $54.7760-to-$55.5967. This area represents significant resistance.

Were a slip through the $48.6165 early November low to be seen, the October 2025 trough at $45.5505 may be revisited

Short-term outlook: bullish while above the $48.6165 early November low

Medium-term outlook: bearish while below the 20 October high at $58.6075

Silver daily candlestick chart ​Source: TradingView Important to know

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