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Bullish Theme Still Dominates

SILVER TECHS
  • RES 4: $29.859 - High Aug 7 and major resistance
  • RES 3: $28.908 - High Sep 1
  • RES 2: $27.928 - 76.4% retracement of the Aug 7 - Sep 24 downleg
  • RES 1: $27.416 - High Dec 21 and the bull trigger
  • PRICE: $27.102 @ 07:22 GMT Jan 4
  • SUP 1: $25.471 - 20-day EMA
  • SUP 2: $24.977 - Low Dec 21
  • SUP 3: $24.869 - High Dec 8
  • SUP 4: $23.982 - Trendline resistance drawn off the Aug 7 high

Silver remains bullish. Last month's key technical development was the break on Dec 16 of trendline resistance drawn off the Aug 7 high. The break, together with the move above $24.869, Dec 7 high, highlights an important bullish move and sets the scene for stronger gains. Note too these gains also highlight a potential medium-term reversal. The focus is on $27.928, a retracement. Initial key support is $24.977, Dec 21 low.

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