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Bulls Hold On

SILVER TECHS
  • RES 4: $27.000 - Round Number Resistance
  • RES 3: $26.559 - 2.764 proj of Mar 18 - Apr 10 rally from Apr 21 low
  • RES 2: $26.220 - 38.2% retracement of the 2011 - 2020 downtrend
  • RES 1: $26.204 - High Jul 28
  • PRICE: $24.200 @ 08:02 BST Jul 31
  • SUP 1: $22.317 - Low Jul 28 and key near-term support
  • SUP 2: $22.261 - Low Jul 21
  • SUP 3: $21.283 - Low Jul 22
  • SUP 4: $21.080 - 20-day EMA
Silver remains bullish despite Tuesday's volatile price action. This week, the metal has traded to a high of $26.204, just short of $26.220, 38.2% of the major 2011 - 2020 downtrend. A breach of the retracement would open $26.559, a Fibonacci projection. Note, the trend is in an extreme overbought position, we are monitoring this for any signs of a top. The initial key support lies at $22.317, Tuesday's low.

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