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Bears Still In The Driver’s Seat

SILVER TECHS
  • RES 4: $23.606 - High Feb 3
  • RES 3: $23.000 - Round number resistance
  • RES 2: $21.860 - 50-day EMA
  • RES 1: $21.306 - High Mar 6
  • PRICE: $20.676 @ 07:23 GMT Mar 13
  • SUP 1: $19.904 - Low Mar 10
  • SUP 2: $19.416 - Low Nov 4
  • SUP 3: $19.232 - 76.4% retracement of the Sep 1 - Feb 2 bull leg
  • SUP 4: $18.835 - Low Nov 3 2022

Silver remains in a downtrend and last Tuesday’s sharp sell-off confirmed a resumption of the trend. Short-term gains are considered corrective - for now. The break lower has resulted in a print below the psychological $20.00 handle and this paves the way for a move towards $19.232, a Fibonacci retracement. Key short-term resistance has been defined at $21.306, the Mar 6 high.

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