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Correction Still In Play

SILVER TECHS
  • RES 4: $26.467 - High Jul 14
  • RES 3: $26.002 - High Aug 04 and a key resistance
  • RES 2: $24.769 - 50-day EMA
  • RES 1: $24.375 - High Aug 9
  • PRICE: $24.175 @ 07:20 BST Sep 2
  • SUP 1: $22.878/626 - Low Aug 20 / Low Aug 09 and the bear trigger
  • SUP 2: $21.899 - Low Nov 30, 2020
  • SUP 3: $20.871 - 50% retracement of the Mar '20 - Jan '21 rally
  • SUP 4: $20.000 - Psychological round number

Silver is trading closer to recent highs. A bearish risk remains present despite short-term gains. Moving average conditions continue to highlight a bearish theme and note that price action since Aug 9 still appears to be a flag - a bearish formation. A break and close below the Aug 9 low of $22.626 would confirm a resumption of bearish pressure and open 20.871, 50% of the Mar '20 - Feb '21 range. $24.375 marks the next resistance.

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