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$8B Debt Issuance to Price, $3B Egypt 3Pt Leads


Sharp Retracement


NY Fed Weekly Economic Index (WEI)


JP Morgan Take on FOMC DOTs

Silver has rallied today and in the process probed the key psychological $30.00 handle.

  • The print above $30.00 confirms a fresh trend high and a likely resumption of the broader uptrend that began off the March 2020 low.
  • Volatility is likely to remain elevated though and the risk that recent gains are quickly erased remains present.
  • Support levels to monitor are:
    • 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
  • On the upside, an extension higher would open $30.723, the 50.0% retracement of the 2011 - 2020 downtrend. The chart below highlights the retracement thus far of this major bearish leg.