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Returns to Upper End of Recent Range

SILVER TECHS
  • RES 4: $25.406 - High Nov 16, 2021
  • RES 3: $24.886 - High Nov 22
  • RES 2: $24.700 - High Jan 20 and a key resistance
  • RES 1: $23.994 - High Jan 25
  • PRICE: $23.828 @ 17:20 GMT Feb 17
  • SUP 1: $22.863/008 - Low Feb 11 / Low Feb 3 and key S.T support
  • SUP 2: $21.949 - 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 prices sit broadly flat on the week, but well toward the upper-end of the recent range. The recent rally suggests scope for a stronger recovery and this has opened $23.994, the Jan 25 high. A break of this level would pave the way for gains towards $24.700, the Jan 20 high. On the downside, key support lies at $22.008, the Feb 3 low. A break of this support would reinstate the recent bearish theme. This would instead open $21.949, the Jan 7 low. Initial firm support lies at $22.863, Feb 11 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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