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Key Short-Term Resistance Remains Exposed

SILVER TECHS
  • RES 4: $21.967 - High Jun 17
  • RES 3: $21.540 - High Jun 27
  • RES 2: $21.242 - High Oct 4 and key resistance
  • RES 1: $21.008 - High Nov 7
  • PRICE: $20.638 @ 07:26 GMT Nov 8
  • SUP 1: $18.835/17.967 - Low Nov 3 / Low Sep 28
  • SUP 2: $17.562 - Low Sep 1 and bear trigger
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing

Silver rallied sharply higher Friday. This cancels a recent bearish theme and confirms an extension of the recovery that started Oct 14. A continuation higher would expose the next key resistance at $21.242, the Oct 4 high. Clearance of this hurdle would strengthen a short-term bullish condition. On the downside, the first support to watch lies at $18.835, the Nov 3 low. A break of this level is required to once again highlight a bearish threat.

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  • RES 4: $21.967 - High Jun 17
  • RES 3: $21.540 - High Jun 27
  • RES 2: $21.242 - High Oct 4 and key resistance
  • RES 1: $21.008 - High Nov 7
  • PRICE: $20.638 @ 07:26 GMT Nov 8
  • SUP 1: $18.835/17.967 - Low Nov 3 / Low Sep 28
  • SUP 2: $17.562 - Low Sep 1 and bear trigger
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing

Silver rallied sharply higher Friday. This cancels a recent bearish theme and confirms an extension of the recovery that started Oct 14. A continuation higher would expose the next key resistance at $21.242, the Oct 4 high. Clearance of this hurdle would strengthen a short-term bullish condition. On the downside, the first support to watch lies at $18.835, the Nov 3 low. A break of this level is required to once again highlight a bearish threat.