SILVER TECHS: Flat Correction
Nov-10 07:58By: Taso Anastasiou
- RES 4: $25.267 - High Jul 20
- RES 3: $25.014 - High Aug 30
- RES 2: $24.298 - High Sep 4
- RES 1: $23.774 - High Sep 22 and a key resistance
- PRICE: $22.664 @ 07:53 GMT Nov 10
- SUP 1: $21.573 - Low Oct 9
- SUP 2: $20.689 - Low Oct 3 and the bear trigger
- SUP 3: $20.000 - Round number support
- SUP 4: $19.904 - Low Mar 10 and a key support
A bull cycle in Silver remains in play and the recent consolidation appears to be a flat correction. Price has recently traded through the 20- and 50-day EMAs. The break higher strengthens bullish conditions and has opened $23.774, the Sep 22 high. For bears, a reversal lower and a break of $20.689, Oct 3 low, would confirm a resumption of the downtrend. The next support is at $21.573, the Oct 9 low.
