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Corrective Recovery Appears To Be Over

SILVER TECHS
  • RES 4: $25.851 - Low Sep 8
  • RES 3: $25.235 - High Sep 22
  • RES 2: $24.603/616- 50- and 20-day EMA
  • RES 1: $24.515 - High Oct 5
  • PRICE: $23.630 @ 07:17 BST Oct 7
  • SUP 1: $22.878 - Low Oct 6
  • SUP 2: $21.677 - Low Sep 24 and the bear trigger
  • SUP 3: $20.751 - 38.2% retracement of the Mar - Aug rally
  • SUP 4: $20.000 - Psychological round number

Silver maintains a bearish outlook despite the recent corrective recovery. Yesterday's sell-off signals a reversal of the recent corrective bounce. A bearish pattern, a bearish engulfing candle has appeared on the charts. This highlights risk for a move lower that would open the recent low of 21.677, Sep 24 low and the bear trigger. A break would confirm a resumption of the uptrend. Key short-term resistance has been defined at $24.515, Oct 5 high.

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