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Short-Term Top?

SILVER TECHS
  • RES 4: $21.967 - High Jun 17
  • RES 3: $21.540 - High Jun 27
  • RES 2: $20.876 - High Aug 15 and the bull trigger
  • RES 1: $20.014 - High Sep 12
  • PRICE: $19.357 @ 07:54 BST Sep 19
  • SUP 1: $18.782/17.562 - Low Sep 16 / Low Sep 1 and bear trigger
  • SUP 2: $16.955 - Low Jun 15 2020
  • SUP 3: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing
  • SUP 4: $15.998 - 76.4% retracement of the 2020 - 2021 bull leg

Silver has pulled back from its recent highs. Friday’s print below $18.845, Sep 12 low, signals the end of the recent corrective recovery between Sep 1 - 12. An extension lower would pave the way for a move towards the key support and bear trigger at $17.562, the Sep 1 low. Clearance of this level would confirm a resumption of the broader downtrend. A break of $20.014, Sep 12 high, is required to reinstate a bullish theme.

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