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Bullish Price Sequence

  • RES 4: $22.517 - High Jun 6
  • RES 3: $22.252 - 50.0% retracement of the Mar - Sep bear leg
  • RES 2: $22.000 - Round number resistance
  • RES 1: $21.626 - High Nov 8
  • PRICE: $21.479 @ 08:05 GMT Nov 9
  • SUP 1: $19.741 - 20-day EMA
  • SUP 2: $18.835/17.967 - Low Nov 3 / Low Sep 28
  • SUP 3: $17.562 - Low Sep 1 and bear trigger
  • SUP 4: $16.955 - Low Jun 15 2020

Silver rallied sharply higher Friday and has continued to appreciate this week. The metal has breached resistance at $21.242, the Oct 4 high. The break of this hurdle strengthens short-term bullish conditions and highlights a positive price sequence of higher highs and higher lows on the daily chart. This opens $22.00 and $22.253, a Fibonacci retracement. On the downside, support is seen at $19.741, the 20-day EMA.

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