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Corrective Phase

SILVER TECHS
  • RES 4: $25.014 - High Aug 30
  • RES 3: $24.298 - High Sep 4
  • RES 2: $23.774 - High Sep 22 and a key resistance
  • RES 1: $22.789 - 50-day EMA
  • PRICE: $22.504 @ 07:54 BST Oct 17
  • SUP 1: $21.573/20.689 - Low Oct 9 / 3 and the bear trigger
  • SUP 2: $20.000 - Round number support
  • SUP 3: $19.904 - Low Mar 10 and a key support
  • SUP 4: $19.585 - 76.4% retracement of the Sep ‘22 - May ‘23 upleg

Silver trend conditions are bearish, however, for now a corrective cycle is in play. The metal traded through the 20-day EMA on Friday, but has found resistance at the 50-day EMA. The average intersects at $22.782 and a clear breach of this EMA is required to strengthen bullish conditions. This would open $23.774, the Sep 22 high. For bears, a reversal lower and a break of $20.689, the Oct 3 low, would confirm a resumption of the downtrend.

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