Pullback Considered Corrective

• RES 4: $23.567 - High Apr 29
• RES 3: $23.360 - 61.8% retracement of the Mar - Sep bear leg
• RES 2: $22.517 - High Jun 6
• RES 1: $22.251/253 - High Nov 15 / 50.0% of the Mar - Sep bear leg
• PRICE: $20.844 @ 08:07 GMT Nov 21
• SUP 1: $20.6442 - 20-day EMA
• SUP 2: $20.050 - 50-day EMA
• SUP 3: $18.835/17.967 - Low Nov 3 / Low Sep 28
• SUP 4: $17.562 - Low Sep 1 and bear trigger

Silver has pulled back from its recent highs. However, the short-term outlook remains bullish and a move lower is considered corrective. The metal rallied sharply higher on Nov 4 and price has breached resistance at $21.242, Oct 4 high. The break strengthens bullish conditions and highlights a positive price sequence of higher highs and higher lows. This opens $22.253, a Fibonacci retracement. First support is seen at $20.644, the 20-day EMA.