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Key Resistance Remains Intact

SILVER TECHS
  • RES 4: $30.100 - High Feb 1 and key resistance
  • RES 3: $29.053 - High Feb 2
  • RES 2: $28.753 - High May 18 and the bull trigger
  • RES 1: $28.556 - High Jun 1
  • PRICE: $27.758 @ 07:57 BST Jun 16
  • SUP 1: $27.178 - 50-day EMA
  • SUP 2: $27.040 - Low Jun 3 and key near-term support
  • SUP 3: $26.721 - Low Mar 13
  • SUP 4: $25.718 - Low Apr 29

Silver has failed to hold above the $28.00 handle and key resistance at $28.556/753, Jun 1 and May 18 highs respectively remains intact. A break of this zone is required to negate recent bearish concerns following the sharp sell-off on Jun 3. Clearance of $28.753 would also confirm a resumption of the uptrend. On the downside, key short-term support has been defined at $27.040, Jun 3 low. A break would be bearish.

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