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Trades Through Support

SILVER TECHS
  • RES 4: $26.943 - High Mar 8 and the bull trigger
  • RES 3: $26.222 - High Apr 18 and a key short-term resistance
  • RES 2: $25.293 - High Apr 20
  • RES 1: $23.465/24.051.142 - 20-day EMA / 50-day EMA
  • PRICE: $22.035 @ 08:19 BST May 10
  • SUP 1: $21.695 - Low May 9
  • SUP 2: $21.427 - Low Dec 15 2021
  • SUP 3: $21.423 - Low Sep 29 2021
  • SUP 4: $20.983 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing

Silver remains bearish and the metal started the week on a softer note, trading lower yesterday. This resulted in a breach of support at $22.008, the Feb 3 low and a bear trigger. The move lower reinforces the bearish theme and signals scope for an extension towards $21.427, the Dec 15 2021 low, and $21.423, the Sep 29 2021 low. On the upside, firm short-term resistance has been defined at $23.465, the 20-day EMA.

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