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(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum


Key Support Still Exposed


Late Equity Roundup: 2W Highs

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Vulnerable Near-Term

  • RES 4: $28.316 - High Sep 2
  • RES 3: $27.931 - High Jan 6 and a bull trigger
  • RES 2: $27.214 - High Jan 8
  • RES 1: $26.012 - 20-day EMA
  • PRICE: $25.074 @ 09:58 GMT Jan 11
  • SUP 1: $24.346 - Intraday low
  • SUP 2: $24.203 - 61.8% of the rally between Nov 30 and Jan 6
  • SUP 3: $23.702 - Trendline resistance drawn off the Aug 7 high
  • SUP 4: $23.323 - 76.4% of the rally between Nov 30 and Jan 6

Silver traded sharply lower Friday and appears vulnerable. The metal has traded through support at $24.977, Dec 21 low signalling scope for a deeper pullback. A move lower is considered a correction though. The next support is at $24.203, 61.8% of the rally between Nov 30 and Jan 6. A break of this level would expose the former trendline resistance drawn off the Aug 7 high. The line intersects at $23.702. Initial resistance is at $26.012.

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