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Outlook Remains Bullish

  • RES 4: $25.267 - High Jul 20 and a key resistance
  • RES 3: $25.014 - High Aug 30
  • RES 2: $24.298 - High Sep 4
  • RES 1: $24.146 - High Nov 17
  • PRICE: $23.850 @ 07:28 GMT Nov 22
  • SUP 1: $22.962 - 50-day EMA
  • SUP 2: $21.883/573 - Low Nov 13 and a key support / Low Oct 9
  • SUP 3: $20.689 - Low Oct 3 and the bear trigger
  • SUP 4: $19.904 - Low Mar 10 and a key support

A bull cycle in Silver remains in play and last week’s strong gains have reinforced the bullish theme. The metal has cleared resistance at $23.774, the Sep 22 high and has pierced the $24.00 handle. A continuation higher would signal scope for a climb towards $25.014, the Aug 30 high. On the downside, initial support lies at $22.962, the 50-day EMA. Key short-term support has been defined at $21.883.

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