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Impulsive Bull Cycle Extends

SILVER TECHS
  • RES 4: $30.100 - Feb 2021 high and a key resistance
  • RES 3: $30.000 - Psychological round number
  • RES 2: $29.762 - 2.618 proj of the Oct 3 - 20 - Nov 13 price swing
  • RES 1: $29.407 - 2.50 proj of the Oct 3 - 20 - Nov 13 price swing
  • PRICE: $29.170 @ 08:17 BST Apr 12
  • SUP 1: $27.535/26.240 - Low Apr 10 / 20-day EMA
  • SUP 2: $24.908/328 - 50-day EMA / Low Mar 27
  • SUP 3: $22.277 - Low Feb 28
  • SUP 4: $21.928 - Low Jan 22 and a key support

Silver bulls remain in the driver’s seat and the metal is once again trading higher as it extends the current impulsive bull run. The trend condition is overbought, however, this does not appear to be a concern for bulls at this stage. The latest rally signals scope for a climb towards $29.407, a Fibonacci projection. Further out, sights are on the psychological $30.00 handle. Initial firm support lies at $26.240, the 20-day EMA.

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