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Corrective Cycle Extends

SILVER TECHS
  • RES 4: $26.135 - High May 5 and a bull trigger
  • RES 3: $26.267 - High Jul 20 and a key resistance
  • RES 2: $25.014/149 - High Aug 30 / High Jul 27
  • RES 1: $24.020 - High Sep 5
  • PRICE: $23.664 @ 07:55 BST Sep 22
  • SUP 1: $22.301 - Low Sep 14
  • SUP 2: $22.227 - Low Aug 15 and key support
  • SUP 3: $22.111 - Low Jun 23 and a bear trigger
  • SUP 4: $21.375 - 76.4% retracement of the Mar 10 - May 5 rally

Silver maintains a softer tone despite the recent recovery which appears to be a correction. The metal has recently cleared $23.413, the Aug 23 low. The break signalled scope for a deeper pullback and a continuation lower would open $22.227, the Aug 15 low. For bulls, a stronger reversal would refocus attention on resistance at $25.014 and $26.267, the Aug 30 and Jul 20 highs respectively. First resistance is at $24.020, the Sep 5 high.

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