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Retracing The Recent Downleg

SILVER TECHS
  • RES 4: $24.886 - High Nov 22
  • RES 3: $24.700 - High Jan 20 and a key resistance
  • RES 2: $23.994 - High Jan 25
  • RES 1: $23.599 - High Jan 27
  • PRICE: $23.344 @ 08:03 GMT Feb 10
  • SUP 1: $22.008 - Low Feb 3 and key short-term support
  • SUP 2: $21.949 - Low Jan 7
  • SUP 3: $21.427/423 - Low Dec 15 / Low Sep 29 and key support
  • SUP 4: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally

Silver continues to recover and retrace the recent move lower between Jan 20 - Feb 3. Attention is on resistance at $23.599, Jan 27 high where a break would suggest scope for an extension and open $23.994, the Jan 25 high. On the downside, key support has been defined at $22.008, the Feb 3 low where a break is required to reinstate the recent bearish theme. This would open $21.949, the Jan 7 low.

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