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Rally Extends

SILVER TECHS
  • RES 4: $30.100 - High Feb 1 and key resistance
  • RES 3: $30.000 - Round number resistance
  • RES 2: $29.053 - High Feb 2
  • RES 1: $28.753 - Intraday high
  • PRICE: $28.528 @ 07:19 BST May 18
  • SUP 1: $27.351 - Low May 17
  • SUP 2: $26.721 - Low Mar 13 and key near-term support
  • SUP 3: $26.325 - 50-day EMA
  • SUP 4: $25.718 - Low Apr 29

Silver remains bullish and continues to climb following the recovery from $26.721, May 13 low. This level represents an important short-term support where a break is required to signal scope for a deeper pullback. While it holds, the outlook remains bullish. The metal has probed $28.609, a Fibonacci retracement paving the way for $29.00 and above. Further out, the Feb 1 high of $30.100 beckons.

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