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December silver futures touch $22 per ounce

Silver futures surged higher again yesterday, ending the commodity trading session on Globex, with a wide spread up candle with a deep wick to the lower body, clearly reinforcing once again the bullish sentiment for the industrial metal at present. The test to the downside in yesterday’s market found an excellent platform of support from the 9 day moving average, which duly provided the necessary cushion for a recovery from the low of the day at $21.08 per ounce, finally closing at $21.74 per ounce.

This positive sentiment has continued in early trading this morning, with the December silver futures contract higher once again at $21.86 per ounce, having briefly touched a high of $22.08 per ounce earlier, as the bullish trend continues to build on the daily chart. With all three moving averages pointing sharply higher, and with both the 9 day and 14 day moving averages offering strong support, the technical picture remains heavily bullish for silver both in the short and medium term.