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Clears Trendline Support

SILVER TECHS
  • RES 4: $25.851 - Low Sep 8 and a recent breakout level
  • RES 3: $25.235 - High Sep 22
  • RES 2: $23.448 - Low Aug 12 and a former key breakout level
  • RES 1: $22.935 - Intraday high
  • PRICE: $22.075 @ 07:18 BST Sep 24
  • SUP 1: $21.677 - Intraday low
  • 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 under pressure following Monday's sharp sell-off. Yesterday's key technical development was the break of trendline support at $22.686, drawn off the Mar 18 low. This follows a breach this week of former major support at $23.448, Aug 12 low. The outlook remains bearish and the focus is on $20.751 next, a Fibonacci retracement level. Today's intraday high of $22.935 marks initial resistance.

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