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Resistance Still 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: $24.492/530 - Low Apr 25 and double midpoint / High Jun 12
  • PRICE: $23.901 @ 08:09 BST Jun 20
  • 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 for now, 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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