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Bulls Remain In The Driver’s Seat

SILVER TECHS
  • RES 4: $26.135 - High May 5 and a key M/T resistance
  • RES 3: $25.761 - High Dec 4 and key resistance
  • RES 2: $24.856 - 76.4% retracement of the Dec 4 - Jan 22 bear leg
  • RES 1: $24.633 - High Mar 8
  • PRICE: $24.343 @ 08:18 GMT Mar 11
  • SUP 1: $23.136/21.883 - 50-day EMA / Low Nov 13 and key support
  • SUP 2: $20.689 - Low Oct 3 and the bear trigger
  • SUP 3: $19.904 - Low Mar 10 and a key support
  • SUP 4: $19.904 - Low Mar 10 2023

Silver rallied higher last week and the metal remains firm. Price has cleared resistance at $23.534, the Jan 12 high. This cancels a recent bearish theme and instead signals scope for a stronger rally above $24.00. Resistance at $24.606, the Dec 22 high, has been pierced. A clear break would open $24.856, a Fibonacci retracement. Initial firm support to watch lies at $23.136, the 50-day EMA. A break of this average would signal a reversal.

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