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Key Support Remains Exposed

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: $32.518 - High May 20 and bull trigger
  • RES 1: $28.872/31.754 - 50-day EMA / High Jul 11
  • PRICE: $27.897 @ 08:12 BST Aug 14
  • SUP 1: $26.451- Low Aug 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 weakness reinforces current conditions. The metal last week traded to a fresh short-term cycle low and this has exposed the next key support at $26.018, the May 2 low. A clear break of this level would strengthen a bearish theme. Initial firm resistance has been defined at $28.872, the 50-day EMA. A clear break of this average is required to highlight a possible reversal.

Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets

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