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Bearish Short-Term Condition

SILVER TECHS
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets
  • RES 4: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
  • RES 3: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 2: $32.518 - High May 20 and bull trigger
  • RES 1: $29.322/31.754 - 50-day EMA / High Jul 11
  • PRICE: $28.868 @ 08:04 BST Aug 2
  • SUP 1: $27.311 - Low Jul 29
  • SUP 2: $27.011 - Low May 8
  • SUP 3: $26.018 - Low May 2 and a key support
  • SUP 4: $24.328 - Low Mar 27

A bearish cycle in Silver remains in play despite this week’s gains. The metal slipped through supports last week, extending the negative response to the recent break of the 50-day EMA at $29.322. Note too that support at $28.573, the Jun 26 low, has been cleared. This paves the way for an extension towards $26.018, the May 2 low and a key support. A reversal would refocus attention on $31.754 initially, the Jul 11 high.

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  • RES 4: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
  • RES 3: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 2: $32.518 - High May 20 and bull trigger
  • RES 1: $29.322/31.754 - 50-day EMA / High Jul 11
  • PRICE: $28.868 @ 08:04 BST Aug 2
  • SUP 1: $27.311 - Low Jul 29
  • SUP 2: $27.011 - Low May 8
  • SUP 3: $26.018 - Low May 2 and a key support
  • SUP 4: $24.328 - Low Mar 27

A bearish cycle in Silver remains in play despite this week’s gains. The metal slipped through supports last week, extending the negative response to the recent break of the 50-day EMA at $29.322. Note too that support at $28.573, the Jun 26 low, has been cleared. This paves the way for an extension towards $26.018, the May 2 low and a key support. A reversal would refocus attention on $31.754 initially, the Jul 11 high.