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Free AccessResistance At The Double Top Midpoint Remains Intact
- 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: $24.492/530 - Low Apr 25 and double midpoint / High Jun 12
- PRICE: $23.988 @ 08:04 BST Jun 16
- SUP 1: $22.221/682 - Low Jun 15 / 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 remains below its recent high of $24.5300 on Jun 12. The latest pullback means that resistance at $24.492 stays intact, the midpoint of a double top reversal pattern confirmed on May 11, and signals the end of the recent May 26 - Jun 9 corrective rally. The trend outlook is bearish and the focus is on a move towards key support and the bear trigger at $22.682, the May 26 low. A break of 24.530, Jun 12 high, would alter the picture.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.