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Pullback Appears To Be A Correction

  • RES 4: $26.943 - High Mar 8 2022 and a key resistance
  • RES 3: $26.771 - High Mar 9 2022
  • RES 2: $26.222 - High Apr 18 2022 and a key resistance
  • RES 1: $26.088 - High Apr 14
  • PRICE: $25.102 @ 08:07 BST Apr 18
  • SUP 1: $25.044 - Low Apr 12
  • SUP 2: $24.305 - 20-day EMA
  • SUP 3: $23.310 - 50-day EMA
  • SUP 4: $22.828 - Low Mar 28

Silver remains in an uptrend and short-term pullbacks are considered corrective. The recent break of resistance at $24.637, the Feb 2 high, confirmed a resumption of the bull trend that started early September 2022. The focus is on $26.222 next, the Apr 18 2022 high. On the downside, a key support is seen at $24.305, the 20-day EMA. A break of this level would signal scope for a deeper (corrective) pullback.

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