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Approaching The 50-Day EMA

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $21.000 - Round number resistance
  • RES 2: $21.540 - High Jun 27
  • RES 1: $20.374 - 50-day EMA
  • PRICE: $20.012 @ 12:16 BST Jul 29
  • SUP 1: $18.146/18.000 - Low Jul 14 / Round number support
  • SUP 2: $17.312 - 3.00 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.735 - Low May 22 2020

Silver is firmer and has traded above the 20-day EMA this week. Short-term gains are considered corrective. A stronger bounce however signals scope for a climb towards the 50-day EMA, at $20.374. This average marks a key pivot short-term resistance and a break would signal scope for a stronger recovery. The broader downtrend remains intact and key support has been defined at $18.146, Jul 14 low. A break would resume the downtrend.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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