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Resend: Trading Above Trendline Resistance

SILVER TECHS
  • RES 4: $26.968 - High Nov 21
  • RES 3: $26.008 - High Nov 9 and a bull trigger
  • RES 2: $25.038 - 76.4% retracement of the Nov 11 - 30 downleg
  • RES 1: $24.869 - High Dec 7 and the bull trigger
  • PRICE: $24.751 @ 07:11 GMT Dec 16
  • SUP 1: $23.524 - Low Dec 7 and key near-term support
  • SUP 2: $22.591 - Low Dec 1
  • SUP 3: $21.899 - Low Nov 30
  • SUP 4: $21.677 - Low Sep 24 and the key bear trigger

Silver is firmer today and importantly, is trading above a key trendline resistance drawn off the Aug 7 high. A clear breach of this trendline together with a move above $24.869, Dec 7 high, would highlight an important bullish break and set the scene for a climb towards $26.008, Nov 9 high. Note too that a clear break would also highlight a potential medium-term reversal. On the downside, initial support is at $23.524, Dec 7 low. See chart in earlier post.

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