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Unwinding An Overbought Condition

SILVER TECHS
  • RES 4: $26.397 - 1.50 proj of the Oct 3 - 20 - Nov 13 price swing
  • RES 3: $26.222 - High Apr 18 2022
  • RES 2: $26.135 - High May 5 and a key resistance
  • RES 1: $25.761 - High Dec 4
  • PRICE: $25.511 @ 08:01 GMT Dec 5
  • SUP 1: $24.064/23.480 - 20- and 50-day EMA values
  • SUP 2: $21.883 - Low Nov 13 and a key support
  • SUP 3: $20.689 - Low Oct 3 and the bear trigger
  • SUP 4: $19.904 - Low Mar 10 and a key support

Silver failed to hold on to Monday’s gains and reversed sharply lower. For now, the move down is considered corrective and the pullback is allowing an overbought condition to unwind. The next two key support levels to watch lie at $24.064 and $23.480, the 20- and 50-day EMAs. A break of the 50-day average would strengthen a bearish threat. On the upside, Monday’s $25.761 high is the bull trigger.

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