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Eyeing Key Short-Term Resistance

  • 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 and key resistance
  • RES 1: $23.312 - High Jan 14
  • PRICE: $23.023 @ 07:27 GMT Jan 15
  • SUP 1: $22.428/21.949 - Low Jan 11 / Low Jan 7
  • SUP 2: $21.427/423 - Low Dec 15 / Low Sep 29 and key support
  • SUP 3: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally
  • SUP 4: $20.000 - Psychological round number

Silver maintains a firmer short-term tone. This follows the recent bounce from $21.949, Jan 7 low. Attention is on the key short-term resistance at $23.436, Dec 28 high. A break of this level would strengthen the case for bulls and signal potential for a stronger recovery towards $23.886, 61.8% of the Nov - Dec sell-off. Key support is at $21.949 where a break is required to reinstate a bearish threat.

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