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Remains Above Last Week’s Low

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: $21.268 @ 07:25 GMT Nov 28
  • SUP 1: $20.585 - Low Nov 21
  • SUP 2: $20.289 - 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

The trend outlook in Silver remains bullish and short-term pullbacks are considered corrective. The metal rallied sharply higher on Nov 4 and subsequent gains resulted in a breach of resistance at $21.242, the Oct 4 high. This strengthens short-term bullish conditions and highlights a positive price sequence of higher highs and higher lows, opening $22.253, a Fibonacci retracement. First support is seen at $20.585, the Nov 21 low.

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  • 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: $21.268 @ 07:25 GMT Nov 28
  • SUP 1: $20.585 - Low Nov 21
  • SUP 2: $20.289 - 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

The trend outlook in Silver remains bullish and short-term pullbacks are considered corrective. The metal rallied sharply higher on Nov 4 and subsequent gains resulted in a breach of resistance at $21.242, the Oct 4 high. This strengthens short-term bullish conditions and highlights a positive price sequence of higher highs and higher lows, opening $22.253, a Fibonacci retracement. First support is seen at $20.585, the Nov 21 low.