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Multi Year Highs

SILVER TECHS
  • RES 4: $35.365 - High Oct 1 2012
  • RES 3: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 2: $28.458 - High Aug 6
  • RES 1: $28.159 - 2.0% Upper Bollinger Band
  • PRICE: $28.063 @ 08:27 BST Aug 7
  • SUP 1: $22.317 - Low Jul 28 and key near-term support
  • SUP 2: $23.158 - 20-day EMA
  • SUP 3: $22.261 - Low Jul 21
  • SUP 4: $21.283 - Low Jul 22

Silver took the lead from Gold Thursday, adding to the recent sharp rally to strike a new multiyear high at 28.458. This week's price action topped 26.220, the key 38.2% Fib retracement drawn from the 2011 - 2020, showing that this move still has legs. The trend remains in an extreme overbought position, which is worth monitoring for any signs of a top. The initial key support lies at $24.026, the weekly low.

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