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Bullish Outlook

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Trend Needle Still Points South

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Bearish Theme Remains Intact

SILVER TECHS
  • RES 4: $27.595 - High Feb 26
  • RES 3: $27.081 - High Mar 1
  • RES 2: $26.636 - High Mar 18 and firm near-term resistance
  • RES 1: $25.826 - High Mar 23
  • PRICE: $24.717 @ 07:23 GMT Mar 30
  • SUP 1: $24.411 - Low Mar 25
  • SUP 2: $24.057 - Jan 18 low and a key support
  • SUP 3: $23.524 - Low Dec 7
  • SUP 4: $22.591- Low Dec 12

Silver remains soft. The metal traded lower Mar 25 clearing support at $24.836, Mar 5 low. Despite the recovery from that day's low, the outlook remains bearish and further weakness is likely. A break of $24.411, Mar 25 low, would resume the downleg and open the Jan 18 low and a key support, at $24.057. Initial firm resistance is seen at $25.826, Mar 23 high. Key short-term resistance has been defined at $26.636, Mar 18 high.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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