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Eyeing Key Support

SILVER TECHS
  • RES 4: $24.323 - High Nov 23
  • RES 3: $23.772 - High Nov 24
  • RES 2: $23.030 - High Dec 1
  • RES 1: $22.420/609 High Dec 13 / High Dec 6
  • PRICE: $21.151 @ 07:22 GMT Dec 16
  • SUP 1: $21.423 - Low Sep 29 and key support
  • SUP 2: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally
  • SUP 3: $20.000 - Psychological round number
  • SUP 4: $19.851 - Low Jul 21 2020

Silver remains vulnerable following yesterday’s sell-off and despite the recovery from session lows. Attention is on $21.423, the Sep 29 low. This level represents the next key support where a break would strengthen bearish conditions and confirm a resumption of the broader downtrend that started in Feb this year. On the upside, initial firm resistance has been defined at $22.420, Dec 13 high. A break would alter the short-term picture.

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