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- RES 4: $27.628 - High Sep 15
- RES 3: $26.968 - High Nov 21
- RES 2: $26.733 - 61.8% retracement of the Aug 7 - Sep 24 downleg
- RES 1: $26.100 - High Dec 17
- PRICE: $25.750 @ 06:41 GMT Dec 18
- SUP 1: $24.869 - High Dec 8
- SUP 2: $24.541 - Trendline resistance drawn off the Aug 7 high
- SUP 3: $23.524 - Low Dec 7 and key near-term support
- SUP 4: $22.591 - Low Dec 1
Silver was firmer again yesterday. This week's key technical development has been the break of trendline resistance drawn off the Aug 7 high. The clear breach together with the move above $24.869, Dec 7 high, highlights an important bullish break and sets the scene for stronger gains. Note too that the move higher also highlights a potential medium-term reversal. The focus is on $27.633, a Fibonacci retracement. Initial support is $24.869, Dec 8 high.