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Monitoring The 50-Day EMA

SILVER TECHS
  • RES 4: $26.002 - High Aug 4
  • RES 3: $25.690 - 50.0% retracement of the May - Aug sell-off
  • RES 2: $25.206 - High Jun 8
  • RES 1: $24.867/967 - High Sep3 / 38.2% of the May - Aug sell-off
  • PRICE: $24.200 @ 07:27 BST Sep 10
  • SUP 1: $23.758 - Low Sep 1
  • SUP 2: $23.346 - Low Aug 27
  • SUP 3: $22.878/626 - Low Aug 20 / Low Aug 09 and the bear trigger
  • SUP 4: $21.899 - Low Nov 30, 2020

Silver remains below recent highs. The metal recently cleared the 20-day EMA and did test its 50-day EMA currently at 24.661. The 50-day average has capped gains so far though. A clear breach of it would strengthen the short-term bullish theme and open $24.967 next, a Fibonacci retracement. Initial firm support has been defined at $23.758, Sep 1 low where a break would instead signal a resumption of bearish activity.

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