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Short-Term Bullish Conditions Intact

SILVER TECHS
  • RES 4: $26.778 - High Jul 6
  • RES 3: $26.467 - High Jul 14
  • RES 2: $26.002 - High Aug 4 and a key resistance
  • RES 1: $25.406 - High Nov 16
  • PRICE: $24.862 @ 07:20 GMT Nov 19
  • SUP 1: $24.005/23.020 - 50-day EMA / Low Nov 3 and a key support
  • SUP 2: $22.213 - Low Oct 6
  • SUP 3: $21.423 - Low Sep 29 and key support
  • SUP 4: $20.871 - 50.0% retracement of the Mar '20 - Feb '21 rally

The Silver outlook remains bullish. Recent price action had defined key short-term directional triggers at; $23.020, Nov 3 low and $24.828, Oct 22 high. The $24.828 resistance has been cleared and this break confirms a resumption of the current bull cycle. The move opens $26.002 next, Aug 4 high. For bears, weakness through $23.020 is required to instead expose $22.213, Oct 6 low.

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