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Testing Resistance At The 50-Day EMA

SILVER TECHS
  • RES 4: $23.000 - Round number resistance
  • RES 3: $22.829 - 61.8% retracement of the Feb 2 - Mar 10 downleg
  • RES 2: $22.270 - 50.0% retracement of the Feb 2 - Mar 10 downleg
  • RES 1: $21.929 - High Mar 13
  • PRICE: $21.764 @ 08:19 GMT Mar 14
  • SUP 1: $20.591/19.904 - Low Mar 13 / 10 and the bear trigger
  • SUP 2: $19.416 - Low Nov 4
  • SUP 3: $19.232 - 76.4% retracement of the Sep 1 - Feb 2 bull leg
  • SUP 4: $18.835 - Low Nov 3 2022

Silver has reversed sharply higher from last week’s low of $19.904, on Mar 10. The metal is testing resistance at the 50-day EMA - the average intersects at $21.855. A clear breach of the average would strengthen bullish conditions and signal scope for a climb towards $22.270, a Fibonacci retracement. On the downside, yesterday’s low at $20.591 marks initial support ahead of the bear trigger at $19.904.

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