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Corrective Recovery Extends

SILVER TECHS
  • RES 4: $26.267 - High Jul 20 and a key resistance
  • RES 3: $24.838 - High Jul 31
  • RES 2: $24.106 - 61.8% retracement of the Jul 20 - Aug 14 downleg
  • RES 1: $23.747 - 50.0% retracement of the Jul 20 - Aug 14 downleg
  • PRICE: $23.644 @ 07:23 BST Aug 23
  • SUP 1: $22.667/227 - Low Aug 21 / 15
  • SUP 2: $22.111 - Low Jun 23 and a bear trigger
  • SUP 3: $21.375 - 76.4% retracement of the Mar 10 - May 5 bull leg
  • SUP 4: $20.591 - Low Mar 13

A bearish theme in Silver remains intact, however, this week’s move higher suggests potential for a stronger short-term rally. The metal has cleared resistance at the 50-day EMA - at $23.508. The break signals scope for a climb towards $23.747 and $24.106, Fibonacci retracement points. On the downside, a reversal lower would refocus attention on key support at $22.111, the Jun 23 low and a bear trigger.

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