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Bears Still In The Driver’s Seat

SILVER TECHS
  • RES 4: $21.967 - High Jun 17
  • RES 3: $21.222 - 50-day EMA
  • RES 2: $20.464 - Low May 13 and recent breakout level
  • RES 1: $20.120 - 20-day EMA
  • PRICE: $18. 984 @ 08:00 BST Jul 14
  • SUP 1: $18.746 - Low Jul 12
  • SUP 2: $18.693 - 61.8% retracement of Mar ‘20 - Feb ‘21 bull cycle
  • SUP 3: $18.447 - 2.618 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $18.250 - Low Jul 8 2020

The Silver outlook remains bearish following a resumption of the downtrend last week, and Tuesday’s fresh trend low. This marks an extension of the current bear cycle that started Jun 6 and an extension of the broader downtrend that has been in place since early February 2021. The metal has also cleared the $20.00 handle and sights are on $18.693 next, a Fibonacci retracement. The 20-day EMA, at $20.216, marks a key S/T resistance.

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