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Recent Pullback Considered Corrective

SILVER TECHS
  • RES 4: $23.567 - High Apr 29
  • RES 3: $23.360 - 61.8% retracement of the Mar - Sep bear leg
  • RES 2: $22.517 - High Jun 6
  • RES 1: $22.251/253 - High Nov 15 / 50.0% of the Mar - Sep bear leg
  • PRICE: $21.203 @ 08:10 GMT Nov 23
  • SUP 1: $20.585 - Low Nov 21
  • SUP 2: $20.121 - 50-day EMA
  • SUP 3: $18.835/17.967 - Low Nov 3 / Low Sep 28
  • SUP 4: $17.562 - Low Sep 1 and bear trigger

Silver has pulled back from its recent highs. However, the short-term outlook remains bullish and a move lower is considered corrective. The metal rallied sharply higher on Nov 4 and price has breached resistance at $21.242, Oct 4 high. The break strengthens short-term bullish conditions and highlights a positive price sequence of higher highs and higher lows. This opens $22.253, a Fibonacci retracement. First support is seen at $20.585, Monday’s low.

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