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Watching Support

  • RES 4: $24.729 - 76.4% retracement of the Mar - Sep bear leg
  • RES 3: $24.000 - Round number resistance
  • RES 2: $23.567 - High Apr 29
  • RES 1: $23.517 - High Dec 5
  • PRICE: $22.285 @ 08:05 GMT Dec 7
  • SUP 1: $21.569 - 20-day EMA
  • SUP 2: $20.741/20.585 - 50-day EMA / Low Nov 21 and key support
  • SUP 3: $19.416 - Low Nov 4
  • SUP 4: $18.835 - Low Nov 3

The trend outlook in Silver remains bullish and the metal traded higher last week, clearing resistance at $22.251, the Nov 15 high. Monday’s pullback appears to be a correction. A resumption of gains would reinforce bullish conditions and signal an extension of the positive price sequence of higher highs and higher lows. A break to fresh highs would open $23.567, the Apr 29 high. Initial firm support lies at $21.569, the 20-day EMA.

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