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Trades Through Resistance

SILVER TECHS
  • RES 4: $23.567 - High Apr 29
  • RES 3: $23.360 - 61.8% retracement of the Mar - Sep bear leg
  • RES 2: $23.000 - Round number resistance
  • RES 1: $22.582 - Intraday high
  • PRICE: $22.094 @ 08:09 GMT Dec 1
  • SUP 1: $21.086/20.585 - 20-day EMA / Low Nov 21 and key support
  • SUP 2: $20.423 - 50-day EMA
  • SUP 3: $19.416 - Low Nov 4
  • SUP 4: $18.835 - Low Nov 3

The trend outlook in Silver remains bullish and the metal has traded higher to clear resistance at $22.251, the Nov 15 high. A continuation would reinforce bullish conditions and highlight an extension of the positive price sequence of higher highs and higher lows. This would open $23.00 and $23.360, a Fibonacci retracement. Key short-term trend support has been defined at $20.585, the Nov 21 low.

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