* RES 4: 158.87 High Jan 10 and a bull trigger * RES 3: 156.75 High Jan 23 * RES 2: 155.89 High Feb ...
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A bear cycle in Silver that started Oct 23 remains in play - for now - and recent gains appear corrective. However, the metal traded higher last week suggesting scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would signal a reversal. On the downside, support to watch is $29.509, the Jan 13 low, and $29.748, the Dec 19 low and the bear trigger.
USDCAD price action remains volatile this week. A sharp sell-off Monday resulted in a print below support at 1.4280, the Jan 6 low. The pullback was short-lived and Tuesday’s reversal higher delivered a fresh trend high of 1.4516, before reversing lower. The uptrend remains intact - for now - and a resumption of gains would open 1.4539, a Fibonacci projection. 1.4233, the 50-day EMA, marks key support.
Gilt Opening calls: 92.18/92.23.