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Bullish Extension

SILVER TECHS
  • RES 4: $24.323 - High Nov 23
  • RES 3: $23.772 - High Nov 24
  • RES 2: $23.030/165 - High Dec 1 / 50-day EMA
  • RES 1: $22.903 - Intraday high
  • PRICE: $22.833 @ 10:37 GMT Dec 23
  • SUP 1: $22.182/21.918 - Low Dec 21 / Low Dec 16
  • 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 maintains a firmer tone having rebounded from last week’s low of $21.427 on Dec 15. In pattern terms, price action on Dec 15 is a bullish hammer formation and subsequent gains have reinforced this reversal signal. Attention is on $23.165, the 50-day EMA. A clear break would strengthen the developing bullish condition and signal scope for an extension higher. Key support lies at $21.427 and $21.423.

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