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Consolidating

SILVER TECHS
  • RES 4: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 3: $29.859 - High Aug 7 and the bull trigger
  • RES 2: $29.272 - High Aug 11 and a key resistance
  • RES 1: $28.908 - High Sep 1
  • PRICE: $27.152 @ 07:14 BST Sep 16
  • SUP 1: $25.851 - Low Sep 8
  • SUP 2: $24.956 - 50-day EMA
  • SUP 3: $23.448 - Low Aug 12 and key support
  • SUP 4: $22.900 - 38.2% retracement of the Mar - Aug rally

Silver maintains more of a consolidative tone. The metal continues to trade below a key resistance at $28.908, Sep 1 high. A break of this hurdle is required to expose key resistance levels at $29.272, Aug 11 high and $29.859, Aug 7 high. The latter is the bull trigger. Initial firm support lies at $25.851, Sep 8 low. A break would instead highlight a bearish threat and signal scope for a deeper pullback.

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