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Corrective Pullback

SILVER TECHS
  • RES 4: $26.002 - High Apr 19
  • RES 3: $25.293 - High Apr 20
  • RES 2: $24.729 - 76.4% retracement of the Mar - Sep bear leg
  • RES 1: $24.129 - High Dec 13
  • PRICE: $23.032 @ 07:22 GMT Dec 16
  • SUP 1: $22.025 - Low Dec 6 and a key short-term support
  • SUP 2: $21.379/20.585 - 50-day EMA / Low Nov 21 and key support
  • SUP 3: $19.416 - Low Nov 4
  • SUP 4: $18.835 - Low Nov 3

The trend outlook in Silver remains bullish and yesterday’s pullback is considered corrective. The high print on Dec 9 above $23.517, Dec 5 high, highlights a continuation of the bull cycle and maintains the bullish price sequence of higher highs and higher lows. Tuesday’s gains reinforce bullish conditions and pave the way for $24.729, a Fibonacci retracement. Key short-term support has been defined at $22.025, the Dec 6 low.

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