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PIPELINE

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

EURGBP TECHS

Sharp Retracement

FED

NY Fed Weekly Economic Index (WEI)

FED

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.