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Bear Cycle Exposes Key Support

SILVER TECHS
  • RES 4: $30.912 - 3.00 proj of the Oct 3 - 20 - Nov 13 price swing
  • RES 3: $30.100 - Feb 2021 high and a key resistance
  • RES 2: $30.000 - Psychological round number
  • RES 1: $27.732/29.797 - High Apr 26 / 12
  • PRICE: $26.529 @ 08:06 BST May 3
  • SUP 1: $26.046/018 - 50-day EMA / Low May 2
  • SUP 2: $24.328 - Low Mar 27
  • SUP 3: $22.277 - Low Feb 28
  • SUP 4: $21.928 - Low Jan 22 and a key support

Silver has traded lower this week, confirming an extension of the pullback from $29.797, the Apr 12 high. This move down maintains the current corrective cycle and sights are on support at the 50-day EMA, at $26.046. A clear break of the 50-day average is required to strengthen a bearish threat. On the upside, key resistance and the bull trigger is at $29.797, the Apr 12 high. Initial resistance is at $27.732, the Apr 26 high.

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Metals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets

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