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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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