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Mostly Firmer, 10-Year Supply Eyed

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  • RES 4: $25.206 - High Jun 8
  • RES 3: $24.867 - High Sep 3 and the reversal trigger
  • RES 2: $24.411 - High Sep 8
  • RES 1: $24.125 - Intraday high
  • PRICE: $23.877@ 07:27 BST Oct 20
  • SUP 1: $23.015 - Low Oct 18
  • SUP 2: $22.213 - Low Oct 6
  • SUP 3: $21.423 - Low Sep 29
  • SUP 4: $20.871 - 50.0% retracement of the Mar '20 - Feb '21 rally

Silver maintains a short-term bull tone. Last week the metal cleared the 20-day EMA and price has also traded above the 50-day EMA. A continuation would pave the way for a stronger short-term recovery and open $24.411 next, the Sep 8 high. Clearance of this level would suggest potential for stronger gains towards $24.867, Sep 3 high and the bull trigger. Initial firm support to watch is at $23.015, Oct 18 low.