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Breaches Key Short-Term Resistance

SILVER TECHS
  • RES 4: $23.467 - 76.4% retracement of the Nov 16 - Dec 15 sell-off
  • RES 3: $24.323 - High Nov 23
  • RES 2: $23.886 - 61.8% retracement of the Nov 16 - Dec 15 sell-off
  • RES 1: $23.641 - High Jan 18
  • PRICE: $23.605 @ 08:07 GMT Jan 19
  • SUP 1: $22.809/21.949 - Low Jan 17 / Low Jan 7
  • SUP 2: $21.427/423 - Low Dec 15 / 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 traded higher yesterday and is through a key short-term resistance at $23.436, Dec 28 high. This reinforces bullish conditions following the recent bounce from $21.949, Jan 7 low. The move through $23.436 also highlights a bullish price sequence of higher highs and higher lows, reinforcing the positive outlook. Scope is seen for gains towards $23.886, 61.8% of the Nov - Dec sell-off. A firm short-term support has been defined at $22.809.

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