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Extends Recent Gains

SILVER TECHS
  • RES 4: $30.100 - High Feb 1 and key resistance
  • RES 3: $29.053 - High Feb 2
  • RES 2: $28.753 - High May 18 and the bull trigger
  • RES 1: $28.556 - High Jun 1
  • PRICE: $28.191 @ 07:29 BST Jun 11
  • SUP 1: $27.098 - 50-day EMA
  • SUP 2: $27.040 - Low Jun 3 and key near-term support
  • SUP 3: $26.721 - Low Mar 13
  • SUP 4: $25.718 - Low Apr 29

Silver is firmer and extending the recovery from yesterday's low. A stronger recovery would expose the key resistance at $28.556/753, Jun 1 and May 18 highs respectively. This would also negate recent bearish concerns following the sharp sell-off on Jun 3. A break of $28.753 would confirm a resumption of the uptrend. On the downside, key short-term support has been defined at $27.040, Jun 3 low. A break would instead be bearish.

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