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Attention Is On Trendline Resistance

  • RES 4: $26.968 - High Nov 21
  • RES 3: $26.008 - High Nov 9 and a bull trigger
  • RES 2: $24.933 - Trendline resistance drawn off the Aug 7 high
  • RES 1: $24.869 - High Dec 7
  • PRICE: $24.281 @ 07:14 GMT Dec 9
  • SUP 1: $23.524 - Low Dec 7
  • SUP 2: $21.899 - Low Nov 30
  • SUP 3: $21.677 - Low Sep 24 and the key bear trigger
  • SUP 4: $20.751 - 50.0% retracement of the Mar - Aug rally

Silver rallied Dec 1 and defined a key support at $21.899, Nov 30 low. Dec 1 price action is a bullish engulfing Japanese candle line and still highlights a reversal. If correct, this signals scope for a climb towards and a test of trendline resistance at $24.933, drawn off the Aug 7 high. A break of the trendline would confirm a more significant reversal. On the downside, sub $21.899 levels resumes the downtrend. Initial support is at $23.524.

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