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Approaching Key Resistance

SILVER TECHS
  • RES 4: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 3: $30.000 - Psychological round number
  • RES 2: $29.859 - High Aug 7 and the bull trigger
  • RES 1: $29.272 - High Aug 11 and a key resistance
  • PRICE: $28.007 @ 06:59 BST Sep 2
  • SUP 1: $26.625/047 - 20-day EMA and low Aug 21
  • SUP 2: $23.448 - Low Aug 12 and key support
  • SUP 3: $22.900 - 38.2% retracement of the Mar - Aug rally
  • SUP 4: $22.317 - Low Jul 28
Silver maintains a firmer tone and yesterday breached $28.471, Aug 1 high. While activity appears constructive for now, there remains a firm band resistance up to $29.272, Aug 11 high. A break of this hurdle is required to ease recent bearish signals. This would expose $29.859, Aug 7 high and the bull trigger. Sharp losses on Aug 11 confirmed a bearish engulfing candle that remains valid. A reversal lower would expose $26.047 initially.

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