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Clears Support

SILVER TECHS
  • RES 4: $23.886 - 61.8% retracement of the Nov 16 - Dec 15 sell-off
  • RES 3: $23.772 - High Nov 24
  • RES 2: $23.436 - High Dec 28
  • RES 1: $22.829 - Intraday high
  • PRICE: $22.464 @ 08:12 GMT Jan 6
  • SUP 1: $22.182 - Low Dec 21
  • SUP 2: $21.918 - Low Dec 16
  • 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 trading lower today and has cleared support at $22.593, the Dec 29 low. This week’s move lower highlights the fact that the metal has failed to remain above the 50-day EMA and bearish price action suggests scope for a deeper short-term sell-off. The focus is on $22.182, Dec 21 low. A break of this support would strengthen a bearish case. Key resistance has been defined at $23.436, Dec 28 high.

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