Holding Onto Recent Gains
Jan-27 02:52By: Taso Anastasiou
Oil Bullets+ 1
- RES 4: $25.206 - High Jun 8
- RES 3: $24.867 - High Sep 3 and the reversal trigger
- RES 2: $24.411 - High Sep 8
- RES 1: $23.965 - High Sep 16
- PRICE: $23.569 @ 07:26 BST Oct 19
- SUP 1: $22.213 - Low Oct 6
- SUP 2: $21.423 - Low Sep 29
- SUP 3 : $20.871 - 50.0% retracement of the Mar '20 - Feb '21 rally
- SUP 4: $19.851 - Low Jul 21, 2020
Silver is trading near recent highs. Last week the metal cleared the 20-day EMA and the metal has also traded above the 50-day EMA. A continuation would pave the way for a stronger short-term recovery and open $23.965 next, the Sep 16 high. Clearance of this level would suggest potential for stronger gains towards $24.867, Sep 3 high. This also marks a key short-term resistance. Initial firm support to watch is at $22.213, Oct 6 low.
