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Briefly Shows Above 50-Day EMA

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $21.000 - Round number resistance
  • RES 2: $21.540 - High Jun 27
  • RES 1: $20.373 - 50-day EMA
  • PRICE: $20.321 @ 16:35 BST Aug 1
  • SUP 1: $19.062 - Low Jul 28
  • SUP 2: $18.146/18.000 - Low Jul 14 / Round number support
  • SUP 3: $17.312 - 3.00 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 4: $16.955 - Low Jun 15 2020

Silver maintains a bullish tone. The metal has traded just through the 50-day EMA, at 20.373. This EMA represents a key short-term resistance and a break would pave the way for a stronger recovery and strengthen the current bull cycle. A move higher would open $21.540, the Jun 27 high. On the downside, the broader downtrend remains intact - recent gains are still considered corrective. Key support has been defined at $18.146, Jul 14 low.

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