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Corrective Cycle Extends

SILVER TECHS
  • RES 4: $26.397 - 1.50 proj of the Oct 3 - 20 - Nov 13 price swing
  • RES 3: $26.222 - High Apr 18 2022
  • RES 2: $26.135 - High May 5 and a key resistance
  • RES 1: $24.361/25.761 - High Dec 6 / 4 and the bull trigger
  • PRICE: $22.699 @ 08:07 GMT Dec 13
  • SUP 1: $22.617 - Intraday low
  • SUP 2: $21.883 - Low Nov 13 and a key support
  • SUP 3: $20.689 - Low Oct 3 and the bear trigger
  • SUP 4: $19.904 - Low Mar 10 and a key support

Silver failed to hold on to last week’s gains and reversed sharply lower. For now, the move down is considered corrective and the pullback is allowing an overbought condition to unwind. The 50-day EMA has been breached and this signals scope for a deeper pullback, potentially towards $21.883, the Nov 13 low and a key support. On the upside, $25.761 is the bull trigger, the Dec 4 high.

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