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Trend Remain Bearish

SILVER TECHS
  • RES 4: $26.002 - High Aug 4 and a key resistance
  • RES 3: $25.406 - High Nov 16
  • RES 2: $23.030/772 - High Dec 1 / High Nov 24
  • RES 1: $22.609 High Dec 6
  • PRICE: $22.298 @ 07:22 GMT Dec 14
  • SUP 1: $21.832/423 - Low Dec 10 / Low Sep 29 and key support
  • SUP 2: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally
  • SUP 3: $20.000 - Psychological round number
  • SUP 4: $19.851 - Low Jul 21 2020

Silver remains vulnerable. The metal traded lower last week and breached support at $21.995, Oct 1 low. The break confirms a resumption of the downtrend paving the way for weakness towards $21.423, the Sep 29 low and an important support. Moving average conditions have recently reversed to a bear mode and this highlights the current bearish sentiment. Initial resistance has been defined at $22.609, Dec 6 high.

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