RXH5 133.00/134.00/134.50/135.00c condor, bought for 18 in 1k.
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A bear cycle in Silver that started Oct 23 remains in play and last week’s move lower reinforces the trend condition. The metal has breached support at $29.642, the Nov 28 low. The break lower opens $28.446, a Fibonacci retracement. Note that moving average studies are in a bear-mode position highlighting a dominant downtrend. Key resistance has been defined at $32.338, the Dec 12 high. A break of this level would signal a reversal.
Slight negative tilt for European & UK equities ahead of the cash open after Friday’s late pullback in the former. Ranges remain relatively tight.