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Tests The Psychological $30.00 Handle

SILVER TECHS
  • RES 4: $32.394 - 1.382 proj of Nov 30 - Jan 6 rally from Jan 18 low
  • RES 3: $31.513 - 1.236 proj of Nov 30 - Jan 6 rally from Jan 18 low
  • RES 2: $30.723 - 50.0% retracement of the 2011 - 2020 downtrend
  • RES 1: $30.100 - Intraday high
  • PRICE: $29.889 @ 09:26 GMT Feb 1
  • SUP 1: $27.931 - High Jan 6
  • SUP 2: $27.654 - High Jan 29 and a gap low on the daily chart
  • SUP 3: $25.788 - 20-day EMA
  • SUP 4: $24.700 - Low Jan 27

Silver is sharply higher with the metal trading above the $27.931, Jan 6 high. Price gapped higher at the open today. This suggests scope for further gains, and this morning's activity has seen the metal test $30.00 and more importantly register a fresh trend high print of the upleg that started mid-March last year. Stronger gains above $30.00 appear likely. On the downside, initial firm support lies at $27.931, Friday's high.

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