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Risk Recovery Sees Greenback Pare Earlier Gains


Key Support Pierced


Corrective Pullback Still In Play

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Extends Retracement From Recent Gains

  • 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: $28.908 - High Sep 1
  • PRICE: $26.531 @ 07:17 BST Sep 4
  • SUP 1: $26.047 - Low Aug 21
  • SUP 2: $24.217 - 50-day EMA
  • SUP 3: $23.448 - Low Aug 12 and key support
  • SUP 4: $22.900 - 38.2% retracement of the Mar - Aug rally

Silver has pulled back from highs earlier this week. The near-term threat still appears bearish. There remains a firm band resistance up to $29.272, Aug 11 high where a break is required to ease recent bearish signals. This would expose $29.859, Aug 7 high and the bull trigger. Sharp losses on Aug 11 confirmed a bearish engulfing candle that remains valid. A stronger reversal lower and break of $26.047, Aug 21 low, would expose $23.448 key support.

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