Silver breaks pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The resistance of the 200-day simple moving average provided the price of silver with resistance in the middle of November. The resistance was enough to cause a decline, which broke the two-month channel up pattern and passed below the support of the 50-day simple moving average. On December 3, the price had almost reached the 2020 summer and 2021 absolute low level zone that is located below the 22.00 level.

If the price passes below the support zone at 21.50/22.00, it could extend its decline to the 20.00 mark. Below the 20.00 level, the 2019 summer high level zone might provide support.

On the other hand, a recovery of the price might find resistance in the 50 and 200-day simple moving averages near 23.50 and 25.00.

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