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Consolidating But Remains Vulnerable

SILVER TECHS
  • RES 4: $30.100 - High Feb 1
  • RES 3: $29.053 - High Feb 2
  • RES 2: $28.498 - 61.8% retracement of the Feb 1 - 4 sell-of
  • RES 1: $27.812 - High Feb 9
  • PRICE: $27.038 @ 07:08 GMT Feb 12
  • SUP 1: $25.933 - 50-day EMA
  • SUP 2: $25.483 - 76.4% retracement of the Jan 18 - Feb 1 rally
  • SUP 3: $24.700 - Low Jan 27
  • SUP 4: $24.057 - Low Jan 18 and a key support

Silver traded sharply higher Feb 1 clearing resistance at $27.931, Jan 6 high. The climb resulted in a test of $30.00 and registered a fresh trend high print of the upleg that started mid-March 2020. On Feb 2 though, price reversed the previous day's direction and Silver still remains vulnerable, despite the recent move higher from $25.905, Feb 4 low. Further weakness would open $25.483, a Fibonacci retracement. Key resistance is at $30.100.

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