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Bear Cycle Extends

SILVER TECHS
  • RES 4: $26.222 - High Apr 18 2022
  • RES 3: $26.135 - High May 5 and bull trigger
  • RES 2: $25.920 - High May 10
  • RES 1: $24.154/25.267 - 20-day EMA / High Jul 20
  • PRICE: $24.477 @ 07:24 BST Aug 4
  • SUP 1: $23.109 - Low Jul 12
  • SUP 2: $22.527 - Low Jul 6
  • SUP 3: $22.111 - Low Jun 23 and a bear trigger
  • SUP 4: $21.375 - 76.4% retracement of the Mar 10 - May 5 bull leg

A bull cycle in Silver remains in play and recent weakness is considered corrective. However, support at $23.9416, the 50-day EMA, has been cleared and this does undermine a bullish outlook. A continuation lower would pave the way for a move towards $23.109, the Jul 2 low. Key resistance is at $25.267, the Jul 20 high. Clearance of this hurdle would confirm a resumption of the uptrend. Initial resistance is at $24.154, the 20-day EMA.

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