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Bearish Outlook

SILVER TECHS
  • RES 4: $25.206 - High Jun 8
  • RES 3: $24.867 - High Sep 3 and the reversal trigger
  • RES 2: $23.525 - 50-day EMA
  • RES 1: $23.191 - High Oct 8
  • PRICE: $22.644 @ 07:56 BST Oct 11
  • SUP 1: $21.423 - Low Sep 29
  • SUP 2: $20.871 - 50.0% retracement of the Mar '20 - Feb '21 rally
  • SUP 3 :$20.000 - Psychological round number
  • SUP 4: $19.851 - Low Jul 21, 2020

The Silver trend outlook remains bearish. The metal broke lower Sep 29 and cleared $22.039, Sep 20 low. This confirmed a resumption of the broader downtrend and maintains the bearish price sequence of lower lows and lower highs. The move lower paves the way for an extension towards $20.871, a Fibonacci retracement. On the upside, key near-term resistance is at $23.191, Oct 8 high. Gains are considered corrective.

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