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Has Breached Resistance

SILVER TECHS
  • RES 4: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
  • RES 3: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 2: $31.754/32.518 - High Jul 11 / High May 20 and bull trigger
  • RES 1: $29.972 - High Aug 20
  • PRICE: $29.323 @ 08:09 BST Aug 23
  • SUP 1: $27.484/26.451- Low Aug 15 / 8
  • SUP 2: $26.018 - Low May 2 and a key support
  • SUP 3: $24.328 - Low Mar 27
  • SUP 4: $22.277 - Low Feb 28

A bearish cycle in Silver remains intact and recent gains appear to be a correction. The metal on Aug 8, traded to a fresh cycle low and this exposed at key support at $26.018, May 2 low. A clear break of it would strengthen a bearish theme. Note that the 50-day EMA has been cleared and is a concern for bears. The next resistance to watch is $29.728, a Fibonacci retracement. It has been pierced, a clear breach would strengthen a bullish threat.

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