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Gaps Higher With Major Resistance Exposed

SILVER TECHS
  • RES 4: $30.090 - 1.00 proj of Nov 30 - Jan 6 rally from Jan 18 low
  • RES 3: $30.000 - Psychological round number
  • RES 2: $29.859 - High Aug 7, 2020 and a major resistance
  • RES 1: $29.409 - High Aug 10, 2020
  • PRICE: $29.185 @ 07:56 GMT Feb 1
  • SUP 1: $27.931 - High Jan 6
  • SUP 2: $27.654 - High Jan 29 and a gap low on the daily chart
  • SUP 3: $25.788 - 20-day EMA
  • SUP 4: $24.700 - Low Jan 27

Silver is sharply higher with the metal trading above the $27.931 resistance. Price gapped higher at the open today. This suggests scope for a climb towards $29.271 and $29.409 next, the Aug 11 and 10 highs respectively. Major resistance and last year's high is at $29.859, the Aug 7 high print. On the downside, initial support lies at $27.931 and $27.654, Friday's high and a gap low on the daily chart.

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