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Monitoring 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: $29.728 - 61.8% of the Jul 11 - Aug 8 bear leg
  • PRICE: $29.119 @ 08:10 BST Aug 19
  • 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 short-term gains are - for now - considered corrective. The metal on Aug 8, traded to a fresh near-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. Resistance at the 50-day EMA, at $28.774, has been pierced. A clear of it would instead highlight a possible reversal.

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

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