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Trend Signals Remain Bullish

SILVER TECHS
  • RES 4: $23.567 - High Apr 29
  • RES 3: $23.360 - 61.8% retracement of the Mar - Sep bear leg
  • RES 2: $22.517 - High Jun 6
  • RES 1: $22.252 - 50.0% retracement of the Mar - Sep bear leg
  • PRICE: $21.289 @ 07:23 GMT Nov 17
  • SUP 1: $20.576 - 20-day EMA
  • SUP 2: $19.975 - 50-day EMA
  • SUP 3: $18.835/17.967 - Low Nov 3 / Low Sep 28
  • SUP 4: $17.562 - Low Sep 1 and bear trigger

Silver has pulled back from its recent highs. The short-term outlook however remains bullish. The metal rallied sharply higher on Nov 4. Price has since breached resistance at $21.242, the Oct 4 high. The break strengthens bullish conditions and highlights a positive price sequence of higher highs and higher lows on the daily chart. This opens $22.253, a Fibonacci retracement. On the downside, support is seen at $20.576, the 20-day EMA.

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