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Holding On To Its Recent Gains

SILVER TECHS
  • RES 4: $23.520 - 76.4% retracement of the Feb 2 - Mar 10 downleg
  • RES 3: $23.000 - Round number resistance
  • RES 2: $22.829 - 61.8% retracement of the Feb 2 - Mar 10 downleg
  • RES 1: $22.717 - High Mar 20
  • PRICE: $22.472 @ 07:39 GMT Mar 21
  • SUP 1: $21.474 - Low Mar 16
  • SUP 2: $20.591/19.904 - Low Mar 13 / 10 and the bear trigger
  • SUP 3: $19.416 - Low Nov 4
  • SUP 4: $19.232 - 76.4% retracement of the Sep 1 - Feb 2 bull leg

Silver remains firm having reversed sharply higher from $19.904, the Mar 10 low. The metal is trading at its recent highs. Price has cleared resistance at the 50-day EMA - the average intersects at $21.896. The clear breach of this EMA strengthens bullish conditions and signals scope for a climb towards $22.829, a Fibonacci retracement. On the downside, $21.474 marks initial firm support, the Mar 16 low.

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