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Bear Cycle Extends

SILVER TECHS
  • RES 4: $27.245 - High Jun 17 2021
  • RES 3: $26.943 - High Mar 8 and the bull trigger
  • RES 2: $26.222 - High Apr 18 and a key short-term resistance
  • RES 1: $24.779 - 50-day EMA
  • PRICE: $23.754 @ 08:42 BST Apr 25
  • SUP 1: $23.647 - Intraday low
  • SUP 2: $23.173 - 76.4% retracement of the Feb 3 - Mar 8 rally
  • SUP 3: $22.863 - Low Feb 11
  • SUP 4: $22.008 - Low Feb 3 and a key support

Silver remains soft following the reversal last week from its recent high of $26.222 on Apr 18. The metal has also started today’s session on a bearish note, reinforcing the current bear cycle and the bearish implications of the recent breach of the 50-day EMA. Support at $23.974, Mar 29 low, has been cleared. This opens $23.173, 76.4% of the Feb 3 - Mar 8 rally. On the upside, clearance of $26.222 is required to reinstate a bullish theme.

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