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Bullish Conditions Improve

SILVER TECHS
  • RES 4: $26.968 - High Sep 21
  • RES 3: $26.221 - Trendline resistance drawn off the Aug 7 high
  • RES 2: $25.562 - High Oct 12 and the near-term bull trigger
  • RES 1: $25.469 - High Nov 6
  • PRICE: $25.124 @ 07:17 GMT Nov 6
  • SUP 1: $23.234 - Low Nov 11
  • SUP 2: $22.594 - Low Oct 29
  • SUP 3: $21.677 - Low Sep 24 and the bear trigger
  • SUP 4: $20.751 - 50.0% retracement of the Mar - Aug rally

Silver rallied sharply higher yesterday. The climb strengthens a short-term bullish theme and refocuses attention on resistance at $25.562, Oct 12 high. Clearance of the hurdle would leave trendline resistance at $26.221 exposed. The trendline is drawn off the Aug 7 high. A trendline breach would reinforce bullish conditions paving the way for a stronger recovery. On the downside, key support has been defined at $22.594, Oct 29 low.

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