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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Maintains A Bullish Tone

  • 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: $23.369/429 - 100- / 50-DMA
  • PRICE: $23.166 @ 11:33 GMT Dec 31
  • SUP 1: $22.182/21.918 - Low Dec 21 / Low Dec 16
  • 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 tone having rebounded from $21.427 on Dec 15. In pattern terms, price action on Dec 15 is a bullish hammer formation and subsequent gains have reinforced this reversal signal. Attention is on the 100- and 50-dmas at $23.369/429. A clear break would strengthen the developing bullish condition and signal scope for an extension higher. Key support lies at $21.427 and $21.423.

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