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Bearish Price Structure Remains Intact

SILVER TECHS
  • RES 4: $26.968 - High Sep 21
  • RES 3: $26.008 - High Nov 9 and a bull trigger
  • RES 2: $25.381 - Trendline resistance drawn off the Aug 7 high
  • RES 1: $24.528 - High Nov 20
  • PRICE: $23.198 @ 07:16 GMT Nov 27
  • SUP 1: $22.933 - Low Nov 24
  • SUP 2: $22.594 - Low Oct 29
  • 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 remains vulnerable having traded lower earlier this week. The recent Nov 9 sell-off means that trendline resistance drawn off the Aug 7 high and intersecting at $25.381 remains intact. A breach of this trendline is required to reinstate a recent bullish focus and signal scope for a stronger rally. This would open $26.968, Sep 21 high. On the downside with $23.234 cleared, Nov 4 low, attention turns to important support at $22.594, Oct 29 low.

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