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SILVER TECHS: Pullback Considered Corrective

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $36.050 -  2.236 proj of the Aug 8 - 26 - Sep 6 price swing   
  • RES 3: $35.226 - 61.8% of the 2011 - 2020 major bear leg  
  • RES 2: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 1: $34.903 - High Oct 23                       
  • PRICE: $33.903 @ 08:06 GMT Oct 29
  • SUP 1: $32.963 - High Oct 4    
  • SUP 2: $32.537/31.282 - 20- and 50-day EMA values   
  • SUP 3: $29.858- Trendline support drawn from the Aug 8 low  
  • SUP 4: $27.686 - Low Sep 6 

Bullish conditions in Silver remain intact and the Oct 18 rally plus last week’s initial extension, reinforce the current trend set-up and confirm a resumption of the uptrend. Short-term weakness is considered corrective. Scope is seen for a climb towards $35.167, a Fibonacci projection. Moving average studies are in a bull-mode position, highlighting a dominant uptrend for now. Initial firm support lies at $32.537, the 20-day EMA.

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  • RES 4: $36.050 -  2.236 proj of the Aug 8 - 26 - Sep 6 price swing   
  • RES 3: $35.226 - 61.8% of the 2011 - 2020 major bear leg  
  • RES 2: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 1: $34.903 - High Oct 23                       
  • PRICE: $33.903 @ 08:06 GMT Oct 29
  • SUP 1: $32.963 - High Oct 4    
  • SUP 2: $32.537/31.282 - 20- and 50-day EMA values   
  • SUP 3: $29.858- Trendline support drawn from the Aug 8 low  
  • SUP 4: $27.686 - Low Sep 6 

Bullish conditions in Silver remain intact and the Oct 18 rally plus last week’s initial extension, reinforce the current trend set-up and confirm a resumption of the uptrend. Short-term weakness is considered corrective. Scope is seen for a climb towards $35.167, a Fibonacci projection. Moving average studies are in a bull-mode position, highlighting a dominant uptrend for now. Initial firm support lies at $32.537, the 20-day EMA.