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Trend Structure Still Bullish

SILVER TECHS
  • RES 4: $26.002 - High Apr 19
  • RES 3: $25.293 - High Apr 20
  • RES 2: $24.729 - 76.4% retracement of the Mar - Sep bear leg
  • RES 1: $24.548 - High Jan 3 and the bull trigger
  • PRICE: $24.058 @ 08:09 GMT Jan 20
  • SUP 1: $22.819 - 50-day EMA
  • SUP 2: $22.557 - Low Dec 16 and key short-term support
  • SUP 3: $20.872 - Low Nov 28
  • SUP 4: $20.585 - Low Nov 21

The uptrend in Silver remains bullish and the most recent move lower is considered corrective. Moving average studies are in a bull mode position and fresh trend highs in December reinforced the positive theme. Furthermore, the move higher has maintained the positive price sequence of higher highs and higher lows. The focus is on $24.729, a Fibonacci retracement. Key short-term support is at $22.557, the Dec 16 low.

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