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Downtrend Remains Intact

SILVER TECHS
  • RES 4: $25.206 - High Jun 8
  • RES 3: $24.867 - High Sep 3 and the reversal trigger
  • RES 2: $23.767 - 50-day EMA
  • RES 1: $22.901/23.144 - 20-Day EMA / High Sep 22
  • PRICE: $22.161 @ 07:53 BST Oct 1
  • SUP 1: $21.423 - Low Sep 29
  • SUP 2: $20.871 - 50.0% retracement of the Mar '20 - Feb '21 rally
  • SUP 3 :$20.000 - Psychological round number
  • SUP 4: $19.851 - Low Jul 21, 2020

Silver broke lower Wednesday and cleared former support at $22.039, Sep 20 low. This ends the recent consolidation, confirms a resumption of the broader downtrend and maintains the bearish price sequence of lower lows and lower highs. The move lower paves the way for an extension towards $20.871, a Fibonacci retracement. On the upside, key near-term resistance is at $23.144, Sep 22 high.

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