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Sell-Off Exposes Support At The 50-Day EMA

SILVER TECHS
  • RES 4: $35.736 - 1.236 proj of Jan 22 - Apr 12 - May 2 price swing
  • RES 3: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
  • RES 2: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 1: $32.518 - High May 20 and the bull trigger
  • PRICE: $59.540 @ 08:13 BST Jun 10
  • SUP 1: $29.040 - Low Jun 7
  • SUP 2: $28.677 - 50-day EMA
  • SUP 3: $26.018 - Low May 2
  • SUP 4: $24.328 - Low Mar 27

Silver traded lower Friday and cleared support at $29.381, the Jun 4 low. The break lower signals scope for a deeper short-term retracement. Note that the current corrective cycle is allowing a recent overbought condition to unwind. Support to watch lies at the 50-day EMA, at $28.677. A clear break of this average would strengthen a bearish theme. For bulls, a reversal higher would refocus attention on key resistance at $32.518, the May 20 high.

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Metals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets

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