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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

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'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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  • RES 4: $26.467 - High Jul 14
  • RES 3: $26.002 - High Aug 4 and a key resistance
  • RES 2: $25.406 - High Nov 16
  • RES 1: $23.030/772 - High Dec 1 / High Nov 24
  • PRICE: $22.449 @ 09:25 GMT Dec 8
  • SUP 1: $21.995 - Low Oct 1
  • SUP 2: $21.423 - Low Sep 29 and key support
  • SUP 3: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally
  • SUP 4: $20.000 - Psychological round number

Silver continues to consolidate and recent price action appears to be a bear flag. This reinforces current bearish conditions. The metal last week breached support at $23.020, Nov 23 low and has recently cleared the 50-day EMA. The break lower suggests scope for a deeper S/T pullback with the focus on $21.995 next, Oct 1 low. A break would expose the major support at $21.423, Sep 29 low. A firm S/T resistance is seen at $23.772, the Nov 24 high.