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Bullish Focus

SILVER TECHS
  • RES 4: $26.002 - High Aug 4 2021
  • RES 3: $25.406 - High Nov 16
  • RES 2: $24.886 - High Nov 22
  • RES 1: $24.700 - High Jan 20
  • PRICE: $23.774 @ 08:01 GMT Jan 25
  • SUP 1: $23.391 - Low Jan 19
  • SUP 2: $22.809/21.949 - Low Jan 17 / Low Jan 7
  • SUP 3: $21.427/423 - Low Dec 15 / Low Sep 29 and key support
  • SUP 4: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally

Silver is off its recent highs but remains bullish. The rally last week resulted in a breach of key short-term resistance at $23.436, Dec 28 high, reinforcing bullish conditions following the recent bounce from $21.949, Jan 7 low. The move through $23.436 also highlights a bullish price sequence of higher highs and higher lows. Scope is seen for gains towards $24.886 next, the Nov 22 high. A firm support has been defined at $22.809.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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