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Smooth ACGB Nov-32 Supply Seen

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Rally Accelerates

SILVER TECHS
  • RES 4: $25.406 - High Nov 16
  • RES 3: $24.886 - High Nov 22
  • RES 2: $23.467 - 76.4% retracement of the Nov 16 - Dec 15 sell-off
  • RES 1: $24.261 - Intraday high
  • PRICE: $24.155 @ 07:26 GMT Jan 20
  • SUP 1: $23.391 - Low Jan 19
  • SUP 2: $22.809/21.949 - Low Jan 17 / Low Jan 7
  • SUP 3: $21.427/423 - Low Dec 15 / Low Sep 29 and key support
  • SUP 4: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally

Silver traded higher again yesterday. This week’s rally has resulted in a breach of key short-term resistance at $23.436, Dec 28 high and has reinforced bullish conditions following the recent bounce from $21.949, Jan 7 low. The move through $23.436 also highlights a bullish price sequence of higher highs and higher lows. Scope is seen for gains towards $23.467 next, 76.4% of the Nov - Dec sell-off. A firm support has been defined at $22.809.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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