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Move Lower Considered Corrective

  • RES 4: $25.267 - High Jul 20
  • RES 3: $25.014 - High Aug 30
  • RES 2: $24.298 - High Sep 4
  • RES 1: $23.774 - High Sep 22 and a key resistance
  • PRICE: $22.066 @ 08:04 GMT Nov 13
  • SUP 1: $21.573 - Low Oct 9
  • SUP 2: $20.689 - Low Oct 3 and the bear trigger
  • SUP 3: $20.000 - Round number support
  • SUP 4: $19.904 - Low Mar 10 and a key support

A bull cycle in Silver remains in play and the recent move lower appears to be a correction. For bulls, price has recently traded through the 20- and 50-day EMAs. The break higher strengthens bullish conditions and has opened $23.774, the Sep 22 high. On the downside, a continuation lower and a break of $20.689, the Oct 3 low, would confirm a resumption of the downtrend. Initial support is at $21.573, the Oct 9 low.

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