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Recovery Extends

SILVER TECHS
  • RES 4: $26.771 - High Mar 9 2022
  • RES 3: $26.222 - High Apr 18 2022 and a key resistance
  • RES 2: $25.477/26.135 - High May 11 / 5 and bull trigger
  • RES 1: $24.492 - Low Apr 25 and double midpoint
  • PRICE: $24.408 @ 08:18 BST Jun 9
  • SUP 1: $23.250/22.682 - Low June 5 / Low May 26 and bear trigger
  • SUP 2: $22.284 - 61.8% retracement of the Mar 10 - May 5 rally
  • SUP 3: $22.157 - Low Mar 21
  • SUP 4: $21.375 - 76.4% retracement of the Mar 10 - May 5 rally

Silver traded higher yesterday and is firmer again today. The metal is approaching resistance at $24.492, the Apr 25 low and midpoint of a double top confirmed on May 11. A break of this level would signal scope for a stronger recovery towards $25.477, the May 11 high. Key support has been defined at $22.682, the May 26 low and bear trigger. A break would reinstate a bearish theme.

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