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Resistance Stays Intact

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: $23.450/24.530 - 50-day EMA / High Jun 9 and key resistance
  • PRICE: $22.693 @ 07:21 BST Jul 7
  • SUP 1: $22.111 - Low Jun 23 and the bear trigger
  • SUP 2: $21.375 - 76.4% retracement of the Mar 10 - May 5 rally
  • SUP 3: $20.591 - Low Mar 13
  • SUP 4: $19.904 - Low Mar 10 and a key support

Recent Silver gains still appear to be a correction. Resistance to watch is at $23.450, the 50-day EMA. Clearance of this level would signal scope for a stronger retracement with key resistance at $24.530, the Jun 9 high. For bears, a continuation lower would open $22.111, the Jun 23 low and bear trigger. Clearance of this level would confirm a resumption of the downtrend and pave the way for a move to $21.375, a Fibonacci retracement.

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