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Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (05 November): 🎥Watch: Sibanye Stillwater - Actionable Areas For Short Term Traders Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Analysis of Silver (XAG/USD) The long-term market character since May 2025 is a strong uptrend , with the price making a series of higher highs and higher lows. [Bullish] The November low (around 47.50) successfully formed a "higher low"  relative to the September low (around 43.00), which keeps the long-term bullish structure intact. [Bullish] The price is in a strong, V-shaped rally  off the 47.50 low, with the current candle being a wide-range green bar, indicating strong immediate buying momentum. [Bullish] The price has just broken above the minor "lower high" from the first bounce attempt (around 50.50), which is a short-term sign of strength. [Bullish] The pullback from the October high (53.00) was extremely sharp and deep , indicating significant selling pressure or profit-taking entered the market. [Bearish] The price is currently in the "middle of the range"  between the 47.50 support and the 53.00 resistance, which is not an ideal entry point. [Neutral] The overall price action has become very volatile and "whippy"  (sharp down, sharp up), which signals market indecision and high-risk, two-sided trade. [Neutral] There is no confirmed topping pattern  (like a Head and Shoulders), but the sharp sell-off serves as a major warning sign that volatility has increased. [Neutral] The next major obstacle is the all-time high resistance around 53.00 . This is the ultimate target for bulls and where sellers will likely re-emerge. [Neutral] It is not yet clear if this strong bounce is a full resumption of the uptrend or a corrective rally (bear flag) before another test of the lows. [Neutral] Sentiment Score Bullish:  4 Neutral:  5 Bearish:  1 Overall Score: 6/10  (The score is cautiously positive. The long-term bullish trend is still technically intact, but the recent extreme volatility and mid-range position warrant caution.) 💡 Potential Actions For Existing Longs:  Consider holding the position, as the trend structure (higher low) is still valid. The 53.00 high is the target. A break below  47.50 would invalidate the bullish thesis. For New Longs (Conservative):   Waiting is advised.  The price is both volatile and in the middle of a range. A better entry would be on a confirmed, high-volume breakout above  53.00 or on a pullback that successfully retests and holds a clear support level. For New Longs (Aggressive):  An aggressive trader could buy on the current momentum, targeting the 53.00 resistance. This is a high-risk trade due to the recent volatility. For Shorts:  Shorting is not advised. This would be fighting a strong long-term uptrend and very strong immediate-term buying momentum. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (10-Nov) 🎥Watch: Trading Gold / Generating Cash Rebounding From Buy Re-Entry Zone Updated Video Below Previous Video (19 October) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (22 October): Trading Harmony Gold - Actionable Areas Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (Wednesday 22 October): 🎥Watch: Trading Sasol - Good Start (+4%); In The Money Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: Tiger Brands: Rebounding Off The R288-R295 Buy Re-Entry Range, Now Trading +R336 (+15%) Previous Post (19 June): Tiger Brands: Unwinding From Overbought; 21-Week EMA In Focus Recently we highlighted TBS being overbought on 3x time frames. The share then traded slightly higher before retreating. Provisionally, the 21-week EMA between R288 and R295 is a provisional next best probability buy level of interest: Previous Post (26 May) : Tiger Brands: Overbought On 3x Time Frames M = Monthly W = Weekly D = Daily Lester Davids Senior Investment Analyst: Unum Capital