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SILVER TECHS: Trend Condition Remains Bullish

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $34.903 - High Oct 23 and the bull trigger  
  • RES 3: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg
  • RES 2: $33.000 - Round number resistance   
  • RES 1: $32.652 - High Feb 7                                 
  • PRICE: $32.254 @ 08:14 GMT Feb 13   
  • SUP 1: $30.951 - 50-day EMA        
  • SUP 2: $29.704 - Low Jan 27 
  • SUP 3: $28.748 - Low Dec 19 and bear trigger
  • SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

Key resistance in Silver at $32.338, the Dec 12 high, has recently been pierced. Clearance of this hurdle would highlight a stronger reversal and cancel a recent bearish theme. This would open the $33.00 handle and expose $33.450, a Fibonacci retracement. Initial firm support lies at $30.951, the 50-day EMA and a pivot level. A clear break of the EMA would reinstate the recent bearish theme.

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  • RES 4: $34.903 - High Oct 23 and the bull trigger  
  • RES 3: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg
  • RES 2: $33.000 - Round number resistance   
  • RES 1: $32.652 - High Feb 7                                 
  • PRICE: $32.254 @ 08:14 GMT Feb 13   
  • SUP 1: $30.951 - 50-day EMA        
  • SUP 2: $29.704 - Low Jan 27 
  • SUP 3: $28.748 - Low Dec 19 and bear trigger
  • SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

Key resistance in Silver at $32.338, the Dec 12 high, has recently been pierced. Clearance of this hurdle would highlight a stronger reversal and cancel a recent bearish theme. This would open the $33.00 handle and expose $33.450, a Fibonacci retracement. Initial firm support lies at $30.951, the 50-day EMA and a pivot level. A clear break of the EMA would reinstate the recent bearish theme.