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Resumes Its Downtrend

SILVER TECHS
  • RES 4: $27.831 - High Jun 16
  • RES 3: $26.775/27.245 - High Jul 6 and key resistance / High Jun 17
  • RES 2: $26.467 - High Jul 14
  • RES 1: $25.477/761 - High Jul 23 / High Jul 19
  • PRICE: $24.865 @ 07:25 BST Jul 28
  • SUP 1: $24.496 - Low Jul 28
  • SUP 2: $24.257 - Low Apr 1
  • SUP 3: $23.781 - Low Mar 31and key support
  • SUP 4: $23.524 - Low Dec 7, 2020

Silver traded lower yesterday confirming a resumption of the downtrend. The metal remains bearish with the price sequence of lower lows and lower highs continuing to dominate. Attention is on $24.257, Apr 1 low and the potential for weakness towards key support $23.781, the Mar 31 low. Moving average studies also point south, reinforcing the current trend direction. Initial resistance is at $25.477, Jul 23 high.

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