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Holding Above Support

SILVER TECHS
  • 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
  • RES 1: $23.352/360 - 100- / 50-DMA
  • PRICE: $22.916 @ 07:24 GMT Jan 5
  • SUP 1: $22.593 - Low Dec 29
  • SUP 2: $22.182/21.918 - Low Dec 21 / Low Dec 16
  • SUP 3: $21.427/423 - Low Dec 15 / Low Sep 29 and key support
  • SUP 4: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally

Silver maintains a bullish tone following the rebound from $21.427, Dec 15 low. In pattern terms, price action on Dec 15 was a bullish hammer formation and the subsequent rally has reinforced this reversal signal. Attention is on the 100- and 50-dmas at $23.352/360 that have been probed. A clear break would strengthen the bullish condition and signal scope for an extension higher. Watch initial support at $22.593, Dec 29 low.

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