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Bearish Focus

SILVER TECHS
  • RES 4: $25.690 - 50.0% retracement of the May - Aug sell-off
  • RES 3: $25.206 - High Jun 8
  • RES 2: $24.867/967 - High Sep3 / 38.2% of the May - Aug sell-off
  • RES 1: $24.411 - High Sep 8
  • PRICE: $23.652 @ 07:28 BST Sep 16
  • SUP 1: $23.388 - Low Sep 13
  • SUP 2: $22.878 - Low Aug 20
  • SUP 3: $22.626 - Low Aug 09 and the bear trigger
  • SUP 4: $21.899 - Low Nov 30, 2020

Silver is trading closer to recent lows and has pulled away from recent highs. The metal recently tested its 50-day EMA currently at 24.533. This EMA however capped gains. A clear breach of it would strengthen the S/T bullish theme and open $24.967 next, a Fibonacci retracement. On the downside, the metal has cleared $23.758, Sep 1 low. This signals a resumption of bearish activity and opens $22.626, Aug 9 low and the bear trigger.

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