Technical Analysis Of The S&P 500 As It Resumes Its Ascent While EUR/GBP, Silver Bounce Off Their Recent Lows.

(MENAFN- DailyFX (IG)) ​S&P 500 sits between a rock and a hard place

​The S&P 500 has so far managed to bounce off its 7,350 three-month low but needs to rise further and make a daily chart close above its 7,517 early November high for the bulls to be back in control. Meanwhile the index is expected to fluctuate between these two extremes.

A rise above the 9 November high at 7,577 may lead to the 7,611-to-7,617 resistance zone being revisited. It contains the 1 September, 1 and 23 October lows. Slightly above this area lies the 16 October low at 7,632 which may also act as resistance.

A slip through the 10 November low at 7,470 may retest the 7,400 region and perhaps also this week's low at 7,350 and the 200-day simple moving average (SMA) at 7,331.

Short-term outlook: bullish while above the 5 November low at 7,350

Medium-term outlook: neutral with a bearish bias while below the 4 November high at 7,715

S&P 500 daily candlestick chart ​Source: TradingView ​EUR/GBP bounces off 1 1/2 year low

EUR/GBP is seeing a minor recovery from its £0.8322 late October low with the 28 October high at £0.8380 representing the first upside target, followed by the 26 October high at £0.8402.

Were the recent descent to resume, though, and a fall through the £0.8322 late October low to occur, the late March 2025 trough at £0.8316 is likely to be reached. If slipped through, the October 2024 and February 2025 lows at £0.8295-to-£0.8292 may also be hit.

Short-term outlook: bullish while above the 30 October low at £0.8322

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

E​UR/GBP daily candlestick chart ​Source: TradingView ​Silver nears resistance zone

The ​Silver price seems to be resuming its rally from its $48.6165 early November one-year low and is likely to soon probe the minor $53.7290-to-$54.6345 resistance zone, made up of the 28 October and 10 November highs. if overcome, the mid-July low at $54.7760 is expected to be reached as well as the mid-October low at $55.3985.

Minor support is seen at the 10 November low at $51.1290. Were this level to give way, the $48.6165 early November low may be back in sight. Further down lies the October 2025 trough at $45.5505.

Short-term outlook: bullish while above the 10 November $51.1290 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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