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Trades Through Resistance

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $21.242 - High Oct 4 and key resistance
  • RES 2: $20.499 - 76.4% retracement of the Oct 4 - 14 downleg
  • RES 1: $20.039 - 61.8% retracement of the Oct 4 - 14 downleg
  • PRICE: $19.684 @ 08:01 GMT Nov 2
  • SUP 1: $18.904/17.967 - Low Oct 31 / Low Sep 28
  • SUP 2: $17.562 - Low Sep 1 and bear trigger
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing

The Silver outlook remains bearish, however, yesterday’s gains are a concern for bulls. The break above resistance at 19.780, Oct 26 high, signals scope for a stronger recovery and exposes $20.039 initially, a Fibonacci retracement. For bears, a resumption of weakness would instead refocus attention on the next firm support at $17.967, the Sep 28 low. Clearance of this level would open $17.562, the Sep 1 low and the bear trigger.

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