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Extending Bounce

SILVER TECHS
  • RES 4: $35.365 - High Oct 1 2012
  • RES 3: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 2: $29.859 - High Aug 7
  • RES 1: $29.764 - 2.0% Upper Bollinger Band
  • PRICE: $26.676 @ 08:50 BST Aug 14
  • SUP 1: $23.448 - Low Aug 12
  • SUP 2: $22.900 - 38.2% Mar - Aug rally
  • SUP 3: $22.317 - Low Jul 28 and key near-term support
  • SUP 4: $22.261 - Low Jul 21

Silver continues to claw back Tuesday's sizeable losses, with prices now close to $3.50 above the pullback low. With the RSI now back at reasonable levels, silver is no longer flashing overbought, which may allow markets to reinitiate fresh longs. Initial key support rests at the 22.900 Fib retracement, with key support underpinning at 22.317.

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