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Bounce Considered Corrective

SILVER TECHS
  • RES 4: $26.968 - High Sep 21
  • RES 3: $25.358 - 20-day EMA
  • RES 2: $24.841 - 50-day EMA
  • RES 1: $23.837 - Intraday high
  • PRICE: $22.573 @ 07:10 BST Sep 29
  • SUP 1: $21.677 - Low Sep 24 and the bear trigger
  • SUP 2: $20.751 - 38.2% retracement of the Mar - Aug rally
  • SUP 3: $20.000 - Psychological round number
  • SUP 4: $19.851 - Low Jul 21

Silver remains bearish despite the recent recovery. A weaker outlook follows the sharp sell-off on Sep 21 and the subsequent follow through. Last week's key technical development was the break of trendline support drawn off the Mar 18 low. Furthermore, a former major support at $23.448, Aug 12 low has also been cleared. The focus is on $20.751 next, a Fibonacci retracement level. Firm resistance is seen at $24.841, the 50-day EMA

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