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Bull Cycle Remains Intact

SILVER TECHS
  • RES 4: $26.002 - High Aug 4
  • RES 3: $25.206 - High Jun 8
  • RES 2: $24.867 - High Sep 3 and the reversal trigger
  • RES 1: $24.828 - High Oct 22
  • PRICE: $24.044 @ 07:24 GMT Nov 2
  • SUP 1: $23.015 - Low Oct 18
  • SUP 2: $22.213 - Low Oct 6
  • SUP 3: $21.423 - Low Sep 29 and key support
  • SUP 4: $20.871 - 50.0% retracement of the Mar '20 - Feb '21 rally

Silver remains below recent highs. The current bull cycle remains intact. The metal recently cleared both the 20- and 50 day EMAs and remains above these averages. Scope is seen for $24.867, Sep 3 high and a key near-term resistance. Clearance of this hurdle would strengthen the case for bulls and open $26.00. Initial firm support to watch is $23.015, Oct 18 low. A break would threaten the current bullish price structure.

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