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Probes Support

SILVER TECHS
  • RES 4: $28.556 - High Jun 1
  • RES 3: $28.285 - High Jun 11 and a key resistance
  • RES 2: $27.831 - High Jun 16
  • RES 1: $26.495/27.245 - High Jun 18 / High Jun 17
  • PRICE: $25.790 @ 07:24 BST Jun 30
  • SUP 1: $25.554/529 - Low Jun 21 / Low Jun 29
  • SUP 2: $25.199 - Low Apr 14
  • SUP 3: $24.955 - 76.4% retracement of the Mar 31 - May 18 rally
  • SUP 4: $24.686 - Low Apr 13
Silver traded lower yesterday and the outlook remains bearish following the recent sharp sell-off. The metal did probe support yesterday but remains in its range and what appears to be a bear flag formation. The pattern reinforces current bearish conditions. Recent weakness resulted in a break of the 50-day EMA. Attention is on $24.955 next, a Fibonacci retracement. Initial firm resistance is seen at $27.245, Jun 17 high.

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