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SILVER TECHS: Structure Remains Bearish

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg  
  • RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
  • RES 1: $32.338 - High Dec 12                             
  • PRICE: $30.463 @ 08:03 GMT Dec 17  
  • SUP 1: $29.642 - Low Nov 28       
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

A bear cycle in Silver that started Oct 23 remains in play and recent gains appear to have been a correction. Price has recently traded through a trendline drawn from the Aug 8 low. A clear resumption of the bear leg would open $28.446, a Fibonacci retracement. On the upside, a continuation of recent gains would instead signal scope for a climb towards $33.125, the Nov 1 high. The short-term bull trigger is $32.338, the Dec 12 high.

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  • RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg  
  • RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
  • RES 1: $32.338 - High Dec 12                             
  • PRICE: $30.463 @ 08:03 GMT Dec 17  
  • SUP 1: $29.642 - Low Nov 28       
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

A bear cycle in Silver that started Oct 23 remains in play and recent gains appear to have been a correction. Price has recently traded through a trendline drawn from the Aug 8 low. A clear resumption of the bear leg would open $28.446, a Fibonacci retracement. On the upside, a continuation of recent gains would instead signal scope for a climb towards $33.125, the Nov 1 high. The short-term bull trigger is $32.338, the Dec 12 high.