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(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum


Key Support Still Exposed


Late Equity Roundup: 2W Highs

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  • 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 Aig 18
  • PRICE: $27.581 @ 07:04 BST Aug 19
  • SUP 1: $25.748 - Low Aug 14
  • SUP 2: $25.295 - Low Aug 13
  • SUP 3: $23.448 - Low Aug 12 and key support
  • SUP 4: $22.900 - 38.2% retracement of the Mar - Aug rally

Silver continued yesterday to claw back sizeable losses seen on Aug 11. Despite the recent strong recovery, the metal remains vulnerable with a band of firm resistance evident up to $29.272, Aug 11 high. Sharp losses on this day highlighted a bearish candle pattern, an engulfing line that signals a reversal and scope for a deeper sell-off. Bulls would need to clear $29.272 to offset the bearish risk. The bear trigger lies at $23.448, Aug 12 low.

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