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Resistance Remains Intact - For Now

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: $24.492/530 - Low Apr 25 and double midpoint / High Jun 12
  • PRICE: $23.775 @ 08:00 BST Jun 14
  • 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 last Friday. The metal has tested resistance at $24.492, the Apr 25 low and midpoint of a double top confirmed on May 11. A clear break of this level would signal scope for a stronger recovery and open $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. Initial support to watch lies at $23.250, the Jun 5 low.

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