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Edges Higher

SILVER TECHS
  • RES 4: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 3: $29.859 - High Aug 7 and the bull trigger
  • RES 2: $29.272 - High Aug 11 and a key resistance
  • RES 1: $28.471 - High Aug 18 and key intraday resistance
  • PRICE: $28.040 @ 07:12 BST Aug 31
  • SUP 1: $26.292/047 - 20-day EMA and low Aug 21
  • SUP 2: $23.448 - Low Aug 12 and key support
  • SUP 3: $22.900 - 38.2% retracement of the Mar - Aug rally
  • SUP 4: $22.317 - Low Jul 28
Silver is firmer with the focus on $28.471, Aug 1 high. There remains a firm band resistance up to $29.272, Aug 11 high. A break of this hurdle is required to ease recent bearish signals. Sharp losses on Aug 11 highlights a bearish candle pattern, an engulfing line that signals a reversal in sentiment and scope for a deeper sell-off. A break of $26.047 would open $23.448, Aug 12 low. Clearance $29.272 would instead expose $29.859, Aug 7 high.
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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