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Corrective Bounce

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $20.389 - 50-day EMA
  • RES 2: $20.464 - Low May 13 and recent breakout level
  • RES 1: $19.489 - High Jul 7
  • PRICE: $19.364 @ 08:20 BST Jul 28
  • SUP 1: $18.146/18.000 - Low Jul 14 / Round number support
  • SUP 2: $17.312 - 3.00 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.735 - Low May 22 2020

Silver is firmer and has traded above the 20-day EMA. Short-term gains are considered corrective. A stronger bounce however would signal scope for a climb towards $20.464, the May 13 low. The 50-day EMA, at $20.389 marks a key pivot short-term resistance. The broader downtrend remains intact and key support has been defined at $18.146, the Jul 14 low. A break would confirm a resumption of the downtrend.

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